Failed Bank List

Closed Friday, July 30, 2010 · Panama City Beach, Bay County, Florida

Coastal Community Bank

Coastal Community Bank's founding in 1906 put it past its 100th year when it closed. It was the largest of two banks handed to Centennial Bank together on the day it closed. In 2010 regulators closed 29 banks in Florida; this was the 19th.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$100M$200M$300M$400M2003200420052006200720082009Closed
Total assets peaked at $382 million in the second quarter of 2009. Equity capital went from 15% of assets in the third quarter of 2002 to 1.4% at the last report. By then 25% 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, $23.2 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$24M−$24M2002: −$770 thousand200212%2003: $1.2 million200310.0%2004: $2.2 million20049.8%2005: $5.3 million20059.6%2006: $6.1 million20069.0%2007: $1.7 million20078.2%2008: −$2.7 million20088.0%2009: −$23.2 million20092.6%2010: −$4.3 million2010*1.4%
* 2010: January to June 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; Coastal Community Bank in red.

By assets it ranked 60th of the 157 failures in 2010. Within Florida it ranks 43rd 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 Bank of Hiawassee of Hiawassee, Georgia ($378 million, loss 28% of assets); just below, McIntosh Commercial Bank of Carrollton, Georgia ($363 million, loss 45% of assets). Every 2010 failure in the explorer.

Closed together

With Coastal Community Bank, the group reported $442 million in assets, and the FDIC's estimated loss on all two is $129 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Bayside Savings BankPort Saint Joe, FL$64.3 million$12.5 million2003

Regulators closed five banks that day. The largest of the others outside this group was LibertyBank of Eugene, Oregon, at $715 million.

Failures in Florida

The previous failure there was Sterling Bank of Lantana, on July 23, 2010. The next was Independent National Bank of Ocala, on August 20, 2010. Bay County has 3 failed banks on FDIC record since 1934. The others: Security Federal Savings Bank of Florida (1992), Peoples First Community Bank (2009).

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

The acquiring bank

Centennial Bank of Conway, Arkansas took over seven failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 7 banks it took over.

  • Old Southern BankOrlando, FL · March 12, 2010
  • Key West BankKey West, FL · March 26, 2010
  • Wakulla BankCrawfordville, FL · October 1, 2010
  • Gulf State Community BankCarrabelle, FL · November 19, 2010
  • Heritage Bank of FloridaLutz, FL · November 2, 2012

FDIC certificate 9619 · loss estimate as of July 31, 2026 · How to read this page