Bank Failure
Gulfsouth Private Bank
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Closed October 19, 2012 · Destin, FL · FDIC Cert #58073.
- Closing date
- October 19, 2012
- Headquarters
- Destin, FL
- FDIC Certificate
- 58073
- Total assets at closing
- $139.4M
- Total deposits at closing
- $131.6M
- Estimated loss to the insurance fund
- $40.3M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- SmartBank
Context
On October 19, 2012, regulators closed Gulfsouth Private Bank, headquartered in Destin, FL. At closing, the institution held approximately $139.4M in assets and $131.6M in deposits. The FDIC record names SmartBank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $40.3M.
By assets at closing this is the 992nd largest of the 3,526 bank failures in the FDIC record, and the 30th of 51 in 2012. 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 Gulfsouth Private Bank fail?
Gulfsouth Private Bank was closed by regulators on October 19, 2012.
Who acquired Gulfsouth Private Bank?
The FDIC record names SmartBank as the acquiring institution in the resolution of Gulfsouth Private Bank.
How big was Gulfsouth Private Bank when it failed?
Gulfsouth Private Bank had approximately $139.4M in total assets and $131.6M in deposits at the time of failure.
Other failures in 2012
| Date | Bank | Assets |
|---|---|---|
| Dec 14, 2012 | Community Bank of the Ozarks | $42.8M |
| Nov 16, 2012 | Hometown Communitybank | $124.6M |
| Nov 2, 2012 | Citizens First National Bank | $924.0M |
| Nov 2, 2012 | Heritage Bank of Florida | $225.5M |
| Oct 26, 2012 | Nova Bank | $444.7M |
| Oct 19, 2012 | Excel Bank | $186.1M |
| Oct 19, 2012 | First East Side Savings Bank | $65.7M |
| Sep 28, 2012 | First United Bank | $328.4M |
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