Bank Failure
Flagship National Bank
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Closed October 23, 2009 · Bradenton, FL · FDIC Cert #35044.
- Closing date
- October 23, 2009
- Headquarters
- Bradenton, FL
- FDIC Certificate
- 35044
- Total assets at closing
- $177.6M
- Total deposits at closing
- $170.1M
- Estimated loss to the insurance fund
- $62.1M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- First Federal Bank of Florida
Context
On October 23, 2009, regulators closed Flagship National Bank, headquartered in Bradenton, FL. At closing, the institution held approximately $177.6M in assets and $170.1M in deposits. The FDIC record names First Federal Bank of Florida as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $62.1M.
By assets at closing this is the 836th largest of the 3,526 bank failures in the FDIC record, and the 88th 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 Flagship National Bank fail?
Flagship National Bank was closed by regulators on October 23, 2009.
Who acquired Flagship National Bank?
The FDIC record names First Federal Bank of Florida as the acquiring institution in the resolution of Flagship National Bank.
How big was Flagship National Bank when it failed?
Flagship National Bank had approximately $177.6M in total assets and $170.1M 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 |
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