First Federal Bank of Florida announced it has purchased Flagship National Bank of Bradenton. Terms of the acquisition, which closed Friday, will be released at a later date, bank officials said.

“This acquisition creates what we believe will be a valuable proposition for our customers, communities, employees and Board of Directors with potential for market growth and building relationships,” said First Federal President and CEO Keith Leibfried. “Our customers can benefit from greater convenience and a better value by entrusting us with their business. Our communities can benefit because we want to be a leading contributor of financial, human and social capital in every community in which we do business. Our employees can benefit from expansion opportunities. We are being deliberate in our acquisition and transition. We will take the time necessary to transition the bank – to put our customers’ interests first, and satisfy their financial needs and help them succeed financially.”

First Federal acquired all deposits of Flagship National Bank in an FDIC assisted transaction. As a result of the transaction, First Federal acquired Flagship National Bank and certain assets and liabilities including all deposit accounts. The FDIC will be contributing capital to FFBF to help resolve the failed bank’s problems and guarantee against losses.

Pam Hitt, Executive Vice President and COO of First Federal Bank of Florida said Flagship customers will continue to see the Flagship National Bank brand in their banking branches and communities for the near future.

“The key to a successful integration will be our ability to provide outstanding customer service throughout the acquisition,” said Hitt. “Flagship National Bank and First Federal Bank of Florida customers should continue banking as they do today – using the same bank accounts, payment coupons, online sign-on, credit cards, ATM and check cards, checks and bank branches. We are committed to keeping customers informed of all significant changes before they happen.”

First Federal Bank of Florida has 11 community branches in north Florida. First Federal Bank of Florida is ranked as one of the top performing banks in the U.S. by TheStreet.com, an independent ratings firm. First Federal is examined by the Office of Thrift Supervision, (OTS) who ranks FFBF as “Well Capitalized.” First Federal enjoys a solid balance sheet, ample liquidity and reserves. First Federal Bank of Florida earned a “Superior, 5 STAR” rating from Bauer Financial, Inc.

First Federal was founded in 1962, when it opened as a Savings and Loan in Live Oak.