SAN FRANCISCO (MarketWatch) - First Priority Bank was shut down by regulators on Friday, making the small Florida lender the eighth bank failure in the U.S. so far this year.

SunTrust Banks STI, -0.02% agreed to take on the deposits of First Priority, the Federal Deposit Insurance Corporation said in a statement late Friday. The six branches of First Priority will reopen on Monday as branches of SunTrust, it added.