Bank Failure
Net First National Bank
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Closed March 1, 2002 · Boca Raton, FL · FDIC Cert #26652.
- Closing date
- March 1, 2002
- Headquarters
- Boca Raton, FL
- FDIC Certificate
- 26652
- Total assets at closing
- $37.2M
- Total deposits at closing
- $31.6M
- Estimated loss to the insurance fund
- Not published (the FDIC feed carries no estimate for this failure)
- Insurance fund
- Bank Insurance Fund (BIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- Bank Leumi
Context
On March 1, 2002, regulators closed Net First National Bank, headquartered in Boca Raton, FL. At closing, the institution held approximately $37.2M in assets and $31.6M in deposits. The FDIC record names Bank Leumi as the acquiring institution in the resolution.
By assets at closing this is the 1865th largest of the 3,526 bank failures in the FDIC record, and the 8th of 11 in 2002. It falls in the period the record labels Consolidation Calm (1996-2007), a period with 50 failures peaking at 11 in 2002.
Riegle-Neal interstate-banking era. Industry consolidated rapidly via merger; failure counts dropped to single digits per year.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did Net First National Bank fail?
Net First National Bank was closed by regulators on March 1, 2002.
Who acquired Net First National Bank?
The FDIC record names Bank Leumi as the acquiring institution in the resolution of Net First National Bank.
How big was Net First National Bank when it failed?
Net First National Bank had approximately $37.2M in total assets and $31.6M in deposits at the time of failure.
Other failures in 2002
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2002 | The Farmers Bank & Trust of Cheneyville | $35.3M |
| Nov 8, 2002 | Bank of Alamo | $58.5M |
| Sep 30, 2002 | Amtrade International Bank of Georgia | $92.1M |
| Jun 27, 2002 | Universal FSB | $51.6M |
| Jun 26, 2002 | Connecticut Bank of Commerce | $384.2M |
| Mar 28, 2002 | New Century Bank | $21.1M |
| Feb 7, 2002 | Nextbank | $700.2M |
| Feb 1, 2002 | Oakwood Deposit Bank | $72.3M |
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