First Commercial Bank of Tampa Bay has been shut down.

The Florida Office of Financial Regulation took the action and appointed the Federal Deposit Insurance Corporation as receiver.

The FDIC entered into a purchase and assumption agreement with Stonegate Bank in Fort Lauderdale to assume all of First Commercial's deposits. That's a move to protect depositors.

Deposits will continue to be insured by the FDIC, a press statement said.

As of March 31, 2011, First Commercial Bank of Tampa Bay had approximately $98.6 million in total assets and $92.6 million in total deposits. Stonegate (OTCBB: SGBK) will pay the FDIC a premium of 0.5 percent to assume all of the deposits of First Commercial Bank of Tampa Bay, the release said. That's about $463,000.

Depositors of the 22-year-old First Commercial Bank of Tampa Bay can access their money by writing checks or using ATM or debit cards.

There was no loss-sharing agreement for the assets. Such an agreement is usually, but not always, included in a failed bank deal. Stonegate purchased those assets at a discount to their book value.

The FDIC estimated that its Deposit Insurance Fund would lose $28.5 million from the failure of First Commercial Bank of Tampa Bay. It is the sixth bank to fail in Florida this year and each of them has been acquired by a bank from South Florida.

With $761 million in assets as of March 31, Stonegate Bank has been growing and profitable. In March, it completed a merger with Fort Myers-based Southwest Capital Bank.