SunTrust Banks agreed to acquire the deposits of a small Bradenton, Fla., bank Friday after federal and state banking regulators shut it down.

Officials with the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation took over First Priority Bank after the institution reported in a regulatory filing Thursday that it lost $12.4 million in the second quarter, nearly wiping out its capital.

The FDIC, which guarantees bank deposits up to certain limits, said it had reached an agreement with Atlanta-based SunTrust to assume First Priority's insured deposits.

First Priority's six bank branches will reopen Monday as SunTrust branches, the FDIC said Friday in a press release.

The South Florida bank had $259 million in assets and $227 million in deposits as of June 30, according to the FDIC.