Bank Failure
First State Bank
Closed August 7, 2009 · Sarasota, FL · FDIC Cert #27364.
- Closing date
- August 7, 2009
- Headquarters
- Sarasota, FL
- FDIC Certificate
- 27364
- Total assets at closing
- $447.7M
- Total deposits at closing
- $394.7M
- Estimated loss to DIF
- $119.5M
- Resolution
- Failure (closed by regulators)
- Acquirer
- Stearns Bank, N.A.
Context
On August 7, 2009, regulators closed First State Bank, headquartered in Sarasota, FL. At closing, the institution held approximately $447.7M in assets and $394.7M in deposits. The FDIC arranged a resolution under which Stearns Bank, N.A. acquired the failed bank's operations. The estimated cost to the FDIC Deposit Insurance Fund was approximately $119.5M.
By assets at closing this is the 408th largest of the 3,524 bank failures in the FDIC record, and the 52nd of 140 in 2009. 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 State Bank fail?
First State Bank was closed by regulators on August 7, 2009.
Who acquired First State Bank?
Stearns Bank, N.A. acquired the failed bank's deposits and operations on August 7, 2009 under an FDIC-brokered resolution.
How big was First State Bank when it failed?
First State Bank had approximately $447.7M in total assets and $394.7M in deposits at the time of failure.
Other failures in 2009
| Date | Bank | Assets |
|---|---|---|
| Dec 18, 2009 | First Federal Bank of California, a Federal Savings Bank | $6.14B |
| Dec 18, 2009 | Imperial Capital Bank | $4.05B |
| Dec 18, 2009 | Peoples First Community Bank | $1.80B |
| Dec 18, 2009 | New South Federal Savings Bank | $1.46B |
| Dec 18, 2009 | Independent Bankers' Bank | $585.5M |
| Dec 18, 2009 | Rockbridge Commercial Bank | $294.0M |
| Dec 18, 2009 | Citizens State Bank | $168.6M |
| Dec 11, 2009 | Solutionsbank | $511.1M |
Explore: all failures · FL bank events · 2009 events · events hub