Closed Friday, April 19, 2013 · Orange Park, Clay County, Florida
Heritage Bank of North Florida
Heritage Bank of North Florida's assets had shrunk 46% from their peak in the second quarter of 2009 by the last report before closing. Equity capital was below zero at its last report. It reported a net loss in six of its final nine reporting years.
On the books, 2005 to 2013
Total assets peaked at $194 million. Equity capital had covered 9.3% of assets in the second quarter of 2005. By then 38% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $9.2 million, was booked in 2010.* 2013: January to March only, the last report before closing.
Size against the other 2013 failures
Total assets of each 2013 failure, log scale; Heritage Bank of North Florida in red.
By assets it ranked 11th of the 24 failures in 2013. Within Florida it ranks 101st by size of the 179 failures recorded since 1934. Across the failures of 2013, the median estimated loss came to 24% of assets. In the size ranking of that year, just above it was Parkway Bank of Lenoir, North Carolina ($110 million, loss 15% of assets); just below, First Federal Bank of Lexington, Kentucky ($93.0 million, loss 8.4% of assets). Every 2013 failure in the explorer.
Two other banks closed that day; the largest was First Federal Bank of Lexington, Kentucky, at $93.0 million.
Failures in Florida
It was one of four banks in Florida to fail in 2013. The previous failure there was Heritage Bank of Florida of Lutz, on November 2, 2012. The next was First Community Bank of Southwest Florida (also operating as Community Bank of Cape Coral) of Fort Myers, on August 2, 2013. No other failed bank in the FDIC's records was based in Clay County.