Closed Friday, September 24, 2010 · Ponte Vedra Beach, St. Johns County, Florida
Haven Trust Bank Florida
Haven Trust Bank Florida failed four years after it opened in 2006. In the three years to the second quarter of 2009, its assets grew 430%. In 2010 regulators closed 29 banks in Florida; this was the 24th.
On the books, 2006 to 2010
Total assets peaked at $179 million and were 17% lower at the final report. Equity capital went from 55% of assets in the third quarter of 2006 to 2.2% at the last report. By then 16% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the five reporting years on file before it closed. The deepest annual loss, $11.1 million, was booked in 2009.* 2010: January to June only, the last report before closing.
Size against the other 2010 failures
Total assets of each 2010 failure, log scale; Haven Trust Bank Florida in red.
By assets it ranked 104th of the 157 failures in 2010. Within Florida it ranks 85th 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 Waterfield Bank of Germantown, Maryland ($156 million, loss 7.3% of assets); just below, Tifton Banking Company of Tifton, Georgia ($144 million, loss 15% of assets). Every 2010 failure in the explorer.
The only other bank closed that day was North County Bank of Arlington, Washington.
Failures in Florida
The previous failure there was Horizon Bank of Bradenton, on September 10, 2010. The next was Wakulla Bank of Crawfordville, on October 1, 2010. No other failed bank in the FDIC's records was based in St. Johns County.