Closed Friday, October 16, 2020 · Fort Walton Beach, Okaloosa County, Florida
First City Bank of Florida
No bank in Florida had failed for five years, since First National Bank of Crestview closed in 2015. First City Bank of Florida's assets had shrunk 47% from their peak in the first quarter of 2013 by the last report before closing. It was the second-largest of the 4 bank failures in 2020.
On the books, 2012 to 2020
Total assets peaked at $256 million. Equity capital went from 2.6% of assets in the fourth quarter of 2012 to 1.6% at the last report. It reported a net loss in seven of its final nine reporting years. The deepest annual loss, $1.5 million, was booked in 2020 in only part of the year.* 2020: January to September only, the last report before closing.
Size against the other 2020 failures
Total assets of each 2020 failure, log scale; First City Bank of Florida in red.
Within Florida it ranks 89th by size of the 179 failures recorded since 1934. Across the failures of 2020, the median estimated loss came to 24% of assets. In the size ranking of that year, just above it was The First State Bank of Barboursville, West Virginia ($152 million, loss 29% of assets); just below, Ericson State Bank of Ericson, Nebraska ($101 million, loss 23% of assets). Every 2020 failure in the explorer.
Failures in Florida
No bank in Florida has failed since. Okaloosa County has 4 failed banks on FDIC record since 1934. The others: Premier Community Bank of the Emerald Coast (2011), GulfSouth Private Bank (2012), First National Bank of Crestview (2015).