1st Florida Cuts Price It Will Pay for Mid-State

First Florida Banks Inc. said it has lowered the price it will pay to take over Mid-State Federal Savings Bank because it believes that Mid-State’s loan-loss reserves are inadequate under federal guidelines.

Under the new agreement, First Florida said it will pay $48.0 million, or $22.43 a share, down from $54.2 million, or $25.07.