Bank Failure
First East Side Savings Bank
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Closed October 19, 2012 · Tamarac, FL · FDIC Cert #28144.
- Closing date
- October 19, 2012
- Headquarters
- Tamarac, FL
- FDIC Certificate
- 28144
- Total assets at closing
- $65.7M
- Total deposits at closing
- $64.9M
- Estimated loss to the insurance fund
- $12.4M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Stearns Bank N.A.
Context
On October 19, 2012, regulators closed First East Side Savings Bank, headquartered in Tamarac, FL. At closing, the institution held approximately $65.7M in assets and $64.9M in deposits. The FDIC record names Stearns Bank N.A. as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $12.4M.
By assets at closing this is the 1463rd largest of the 3,526 bank failures in the FDIC record, and the 43rd of 51 in 2012. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did First East Side Savings Bank fail?
First East Side Savings Bank was closed by regulators on October 19, 2012.
Who acquired First East Side Savings Bank?
The FDIC record names Stearns Bank N.A. as the acquiring institution in the resolution of First East Side Savings Bank.
How big was First East Side Savings Bank when it failed?
First East Side Savings Bank had approximately $65.7M in total assets and $64.9M in deposits at the time of failure.
Other failures in 2012
| Date | Bank | Assets |
|---|---|---|
| Dec 14, 2012 | Community Bank of the Ozarks | $42.8M |
| Nov 16, 2012 | Hometown Communitybank | $124.6M |
| Nov 2, 2012 | Citizens First National Bank | $924.0M |
| Nov 2, 2012 | Heritage Bank of Florida | $225.5M |
| Oct 26, 2012 | Nova Bank | $444.7M |
| Oct 19, 2012 | Excel Bank | $186.1M |
| Oct 19, 2012 | Gulfsouth Private Bank | $139.4M |
| Sep 28, 2012 | First United Bank | $328.4M |
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