Failed Bank List

Closed Friday, May 28, 2010 · Naples, Collier County, Florida

Bank of Florida - Southwest

In the three years to the third quarter of 2008, Bank of Florida - Southwest's assets grew 187%. It was the largest of three banks handed to EverBank together on the day it closed. Equity capital was below zero at its last report.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$200M$400M$600M$800M2003200420052006200720082009Closed
Total assets peaked at $771 million and were 17% lower at the final report. Equity capital had covered 7.3% of assets in the second quarter of 2002. By then 15% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $95.8 million, was booked in 2009.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$100M−$100M2002: −$702 thousand20026.8%2003: $652 thousand20037.2%2004: $1.2 million20047.4%2005: $4.0 million20058.3%2006: $2.9 million20068.6%2007: $3.0 million200716%2008: −$7.3 million200814%2009: −$95.8 million20091.5%2010: −$25.2 million2010*neg.
* 2010: January to March only, the last report before closing.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; Bank of Florida - Southwest in red.

By assets it ranked 32nd of the 157 failures in 2010. Within Florida it ranks 27th by size of the 179 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Darby Bank & Trust Co. of Vidalia, Georgia ($655 million, loss 19% of assets); just below, Peninsula Bank of Englewood, Florida ($630 million, loss 29% of assets). Every 2010 failure in the explorer.

Closed together

With Bank of Florida - Southwest, the group reported $1.5 billion in assets, and the FDIC's estimated loss on all three is $179 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Bank of Florida - SoutheastFort Lauderdale, FL$595 million$60.5 million2002
Bank of Florida - TampaTampa, FL$241 million$30.6 million2004

Regulators closed five banks that day. The largest of the others outside this group was Sun West Bank of Las Vegas, Nevada, at $361 million.

Failures in Florida

In 2010 regulators closed 29 banks in Florida; this was the 11th. The previous failure there was The Bank of Bonifay of Bonifay, on May 7, 2010. The next was Peninsula Bank of Englewood, on June 25, 2010. Collier County has 7 failed banks on FDIC record since 1934. Closest in time: Hillcrest Bank Florida (2009), Partners Bank (2009), Orion Bank (2009), Florida Community Bank (2010), Marco Community Bank (2010).

Bank failures in Florida per year, 1980 to 2026081624321980: 11982: 11984: 21985: 31986: 51987: 61988: 51989: 191990: 211991: 231992: 91993: 11999: 22002: 22004: 12008: 22009: 142010: 292011: 132012: 82013: 42014: 12015: 12020: 119801990200020102020
Per year since 1980, 2010 in red. Every Florida failure

FDIC certificate 35106 · loss estimate as of July 31, 2026 · How to read this page