Bank Failure
First National Bank of the South
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Closed July 16, 2010 · Spartanburg, SC · FDIC Cert #35383.
- Closing date
- July 16, 2010
- Headquarters
- Spartanburg, SC
- FDIC Certificate
- 35383
- Total assets at closing
- $619.4M
- Total deposits at closing
- $550.9M
- Estimated loss to the insurance fund
- $68.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Nafh National Bank
Context
On July 16, 2010, regulators closed First National Bank of the South, headquartered in Spartanburg, SC. At closing, the institution held approximately $619.4M in assets and $550.9M in deposits. The FDIC record names Nafh National Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $68.3M.
By assets at closing this is the 316th largest of the 3,526 bank failures in the FDIC record, and the 34th of 157 in 2010. 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 National Bank of the South fail?
First National Bank of the South was closed by regulators on July 16, 2010.
Who acquired First National Bank of the South?
The FDIC record names Nafh National Bank as the acquiring institution in the resolution of First National Bank of the South.
How big was First National Bank of the South when it failed?
First National Bank of the South had approximately $619.4M in total assets and $550.9M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | The Bank of Miami | $448.1M |
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
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