 FDIC regulators take over Riverside National Bank earlier this year. TD Bank purchased Riverside from the FDIC. [Photo: Alex Boerner, Scripps Treasure Coast Newspapers] |
Failed Florida Banks
SOUTHEAST
Bank of
Florida-Southeast
Fort Lauderdale
Key West Bank
Key West
Metro Bank of
Dade County
Miami
Olde Cypress
Community Bank
Clewiston
 Old Southern Bank in Orlando was the fourth bank startup for John Squires. [Photo: Jeffrey Camp] |
Miami
Riverside National
Bank of Florida
Fort Pierce
Sterling Bank
Lantana
Sun American Bank
Boca Raton
Turnberry Bank
Aventura
CENTRAL
AmericanFirst Bank
Clermont
Old Southern Bank
Orlando
SOUTHWEST
Bank of Florida-Southwest
Naples
Bank of Florida-Tampa
Tampa
Community National Bank at Bartow
Bartow
Florida Community Bank
Immokalee
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 Marco Community Bank, Marco Island [Photo: Kelly Farrell] |
Marco
Community Bank
Marco Island
Peninsula Bank
Englewood
NORTHEAST
First Federal Bank
of North Florida
Palatka
Independent
National Bank
Ocala
NORTHWEST
Bank of Bonifay
Bonifay
Bayside Savings
Bank
Port St. Joe
Coastal
Community Bank
Panama City Beach
 Independent National Bank, Ocala |
| Bank Startups in Florida | Bank Failures in Florida |
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Troubled Florida Credit Unions
2005 - 1 liquidation
2006 - 1 liquidation
2007 - 1 assisted merger
2008 - 0
2009 - 1 assisted merger
2010 - 0
Keys Federal Credit Union of Key West was placed in conservatorship by federal regulators in 2009. The credit union is still operating.
Eastern Financial Florida Credit Union, Florida’s third-largest credit union, was placed into conservatorship in 2009. It later merged with Space Coast Credit Union.
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Non-Startups
In the wake of the recent financial meltdown, it’s been next to impossible to get a charter for a new bank from the Federal Deposit Insurance Corp. Last year, just two startup applications were filed. This year, none has been filed. The entrepreneurs behind the two 2009 filings switched their strategy to acquisitions and mergers as a result of the FDIC’s tightening but not always with success.
» MaxBank, Hollywood (May 2009). With the FDIC reluctant to approve new business charters, Max Holding Corp. instead decided to merge with Home BancGroup, the parent company of Home Federal Bank of Hollywood. Home Federal Bank could use an infusion of capital after receiving a cease-and-desist order from the Office of Thrift Regulation over the summer.
» Florida Shores Bank-Central, St. Cloud (February 2009). Florida Shores Bank Bancorp., a Pompano Beach-based bank holding company that operates Florida Shores Bank-Southeast and Florida Shores Bank-Southwest, encountered similar problems in obtaining charters for two new branches it planned to open in St. Cloud and Fort Myers. Two subsequent merger attempts with Merritt Island-based Coastal Bank and Naples-based Shamrock Bank also fell through.