Bank Failure
First Priority Bank
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Closed August 1, 2008 · Bradenton, FL · FDIC Cert #57523.
- Closing date
- August 1, 2008
- Headquarters
- Bradenton, FL
- FDIC Certificate
- 57523
- Total assets at closing
- $258.6M
- Total deposits at closing
- $226.7M
- Estimated loss to the insurance fund
- $95.6M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Suntrust Bank
Context
On August 1, 2008, regulators closed First Priority Bank, headquartered in Bradenton, FL. At closing, the institution held approximately $258.6M in assets and $226.7M in deposits. The FDIC record names Suntrust Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $95.6M.
By assets at closing this is the 629th largest of the 3,526 bank failures in the FDIC record, and the 16th of 25 in 2008. 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 Priority Bank fail?
First Priority Bank was closed by regulators on August 1, 2008.
Who acquired First Priority Bank?
The FDIC record names Suntrust Bank as the acquiring institution in the resolution of First Priority Bank.
How big was First Priority Bank when it failed?
First Priority Bank had approximately $258.6M in total assets and $226.7M in deposits at the time of failure.
Other failures in 2008
| Date | Bank | Assets |
|---|---|---|
| Dec 12, 2008 | Haven Trust Bank | $559.6M |
| Dec 12, 2008 | Sanderson State Bank | $38.2M |
| Dec 5, 2008 | First Georgia Community Bank | $256.4M |
| Nov 21, 2008 | Downey Savings and Loan Association, F.A. | $12.78B |
| Nov 21, 2008 | PFF Bank & Trust | $3.72B |
| Nov 21, 2008 | The Community Bank | $634.9M |
| Nov 7, 2008 | Franklin Bank, SSB | $5.09B |
| Nov 7, 2008 | Security Pacific Bank | $528.0M |
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