Closed Friday, August 1, 2008 · Bradenton, Manatee County, Florida
First Priority Bank
No bank in Florida had failed for four years, since Guaranty National Bank of Tallahassee closed in 2004. In the three years to the third quarter of 2007, First Priority Bank's assets grew 480%. It reported a net loss in five of its final six reporting years.
On the books, 2003 to 2008
Total assets peaked at $276 million and were 6% lower at the final report. Equity capital went from 73% of assets in the fourth quarter of 2003 to 0.6% at the last report. By then 23% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $19.0 million, was booked in 2007.* 2008: January to June only, the last report before closing.
Size against the other 2008 failures
Total assets of each 2008 failure, log scale; First Priority Bank in red.
By assets it ranked 16th of the 25 failures in 2008. Within Florida it ranks 57th by size of the 179 failures recorded since 1934. Across the failures of 2008, the median estimated loss came to 37% of assets. In the size ranking of that year, just above it was Freedom Bank of Bradenton, Florida ($271 million, loss 42% of assets); just below, First Georgia Community Bank of Jackson, Georgia ($256 million, loss 34% of assets). Every 2008 failure in the explorer.
Failures in Florida
It was one of two banks in Florida to fail in 2008. The next was Freedom Bank of Bradenton, on October 31, 2008. Manatee County has 5 failed banks on FDIC record since 1934. The others: The County Bank (1987), Freedom Bank (2008), Flagship National Bank (2009), Horizon Bank (2010).