Failed Bank List

Closed Friday, October 22, 2010 · Jacksonville, Duval County, Florida

First Bank of Jacksonville

In the three years to the first quarter of 2007, First Bank of Jacksonville's assets grew 306%. Equity capital was below zero at its last report. In 2010 regulators closed 29 banks in Florida; this was the 27th.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$30M$60M$90M$120M20032004200520062007200820092010Closed
Total assets peaked at $106 million and were 30% lower at the final report. Equity capital had covered 21% of assets in the fourth quarter of 2002. By then 16% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in seven of its final nine reporting years. The deepest annual loss, $6.1 million, was booked in 2010 in only part of the year.
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$8M−$8M2002: −$93 thousand200221%2003: −$158 thousand200314%2004: −$288 thousand200416%2005: −$296 thousand20059.8%2006: $150 thousand20066.5%2007: $16 thousand20078.1%2008: −$783 thousand20088.0%2009: −$4.2 million20096.1%2010: −$6.1 million2010*neg.
* 2010: January to September 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; First Bank of Jacksonville in red.

By assets it ranked 131st of the 157 failures in 2010. Within Florida it ranks 118th 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 High Desert State Bank of Albuquerque, New Mexico ($80.3 million, loss 35% of assets); just below, Citizens Bank and Trust Company of Chicago of Chicago, Illinois ($73.5 million, loss 56% of assets). Every 2010 failure in the explorer.

Regulators closed seven banks that day. The largest of the others was Hillcrest Bank of Overland Park, Kansas, at $1.6 billion.

Failures in Florida

The previous failure there was Wakulla Bank of Crawfordville, on October 1, 2010. The next was Gulf State Community Bank of Carrabelle, on November 19, 2010. Duval County has 8 failed banks on FDIC record since 1934. Closest in time: Duval Federal Savings and Loan Association (1990), Tucker State Bank of Jacksonville (1990), Citizens Federal Savings Bank (1991), Jacksonville Federal Savings Bank (1992), First Guaranty Bank and Trust Company of Jacksonville (2012).

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

Ameris Bank of Moultrie, Georgia took over ten failed banks between 2000 and 2026. The others:

All 10 banks it took over.

  • American United BankLawrenceville, GA · October 23, 2009
  • United Security BankSparta, GA · November 6, 2009
  • Satilla Community BankSaint Marys, GA · May 14, 2010
  • Darby Bank & Trust Co.Vidalia, GA · November 12, 2010
  • Tifton Banking CompanyTifton, GA · November 12, 2010
  • High Trust BankStockbridge, GA · July 15, 2011
  • One Georgia BankAtlanta, GA · July 15, 2011
  • Central Bank of GeorgiaEllaville, GA · February 24, 2012
  • Montgomery Bank & TrustAiley, GA · July 6, 2012

FDIC certificate 27573 · loss estimate as of July 31, 2026 · How to read this page