Bank Failure
Gulf State Community Bank
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Closed November 19, 2010 · Carrabelle, FL · FDIC Cert #20340.
- Closing date
- November 19, 2010
- Headquarters
- Carrabelle, FL
- FDIC Certificate
- 20340
- Total assets at closing
- $112.1M
- Total deposits at closing
- $112.2M
- Estimated loss to the insurance fund
- $44.4M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Centennial Bank
Context
On November 19, 2010, regulators closed Gulf State Community Bank, headquartered in Carrabelle, FL. At closing, the institution held approximately $112.1M in assets and $112.2M in deposits. The FDIC record names Centennial Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $44.4M.
By assets at closing this is the 1125th largest of the 3,526 bank failures in the FDIC record, and the 115th 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 Gulf State Community Bank fail?
Gulf State Community Bank was closed by regulators on November 19, 2010.
Who acquired Gulf State Community Bank?
The FDIC record names Centennial Bank as the acquiring institution in the resolution of Gulf State Community Bank.
How big was Gulf State Community Bank when it failed?
Gulf State Community Bank had approximately $112.1M in total assets and $112.2M 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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