Failed Bank List

Closed Friday, July 16, 2010 · Spartanburg, Spartanburg County, South Carolina

First National Bank of the South

In the three years to the second quarter of 2008, First National Bank of the South's assets grew 190%. It was the largest of three banks handed to NAFH National Bank together on the day it closed. Of the 21 failed banks on record in South Carolina since 1934, it ranks second by size.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$250M$500M$750M$1B2003200420052006200720082009Closed
Total assets peaked at $861 million and were 28% lower at the final report. Equity capital went from 8.7% of assets in the third quarter of 2002 to 1.8% at the last report. By then 22% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in three of its final nine reporting years. The deepest annual loss, $44.1 million, was booked in 2008.
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$60M−$60M2002: $610 thousand20027.5%2003: $940 thousand20037.9%2004: $2.0 million20048.1%2005: $3.1 million20057.2%2006: $5.0 million20067.7%2007: $4.7 million20078.0%2008: −$44.1 million20087.5%2009: −$42.5 million20092.5%2010: −$8.7 million2010*1.8%
* 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; First National Bank of the South in red.

By assets it ranked 34th of the 157 failures in 2010. 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 Peninsula Bank of Englewood, Florida ($630 million, loss 29% of assets); just below, Tamalpais Bank of San Rafael, California ($612 million, no estimated loss). Every 2010 failure in the explorer.

Closed together

With First National Bank of the South, the group reported $1.3 billion in assets, and the FDIC's estimated loss on all three is $161 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Metro Bank of Dade CountyMiami, FL$399 million$64.2 million1984
Turnberry BankAventura, FL$240 million$28.7 million1985

Regulators closed six banks that day. The largest of the others outside this group was Woodlands Bank of Bluffton, South Carolina, at $383 million.

Failures in South Carolina

It was one of four banks in South Carolina to fail in 2010. The previous failure there was Beach First National Bank of Myrtle Beach, on April 9, 2010. The next was Williamsburg First National Bank of Kingstree, on July 23, 2010. No other failed bank in the FDIC's records was based in Spartanburg County.

Bank failures in South Carolina per year, 1980 to 2026012341989: 21991: 21992: 31999: 12010: 42011: 32012: 22014: 119801990200020102020
Per year since 1980, 2010 in red. Every South Carolina failure

FDIC certificate 35383 · loss estimate as of July 31, 2026 · How to read this page