Failed Bank List

Closed Friday, October 23, 2009 · Naples, Collier County, Florida

Hillcrest Bank Florida

The estimated loss came to 52% of Hillcrest Bank Florida's assets, one of the 30 highest ratios among the 583 failures since 2000. It failed three years after it opened in 2006. It was the largest of two banks handed to Stonegate Bank together on the day it closed.

On the books, 2006 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$30M$60M$90M$120M200720082009Closed
Total assets peaked at $119 million in the third quarter of 2008 and were 30% lower at the final report. Equity capital went from 27% of assets in the third quarter of 2006 to below zero at the last report. By then 34% of its loans were 90 days or more past due or no longer accruing interest. It lost money in every one of the four reporting years on file before it closed. The deepest annual loss, $14.9 million, was booked in 2009 in only part of the year.
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−$16M2006: −$1.2 million200619%2007: −$556 thousand200714%2008: −$5.3 million200812%2009: −$14.9 million2009*neg.
* 2009: January to September only, the last report before closing.

Size against the other 2009 failures

Total assets of the 140 banks that failed in 2009, log scale$10M$100M$1B$10B$100B
Total assets of each 2009 failure, log scale; Hillcrest Bank Florida in red.

By assets it ranked 119th of the 140 failures in 2009. Within Florida it ranks 112th by size of the 179 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. In the size ranking of that year, just above it was Horizon Bank of Pine City, Minnesota ($84.8 million, loss 28% of assets); just below, Community Bank of Lemont of Lemont, Illinois ($81.8 million, loss 32% of assets). Every 2009 failure in the explorer.

Closed together

With Hillcrest Bank Florida, the group reported $148 million in assets, and the FDIC's estimated loss on all two is $74.8 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Partners BankNaples, FL$65.5 million$31.8 million2005

Regulators closed seven banks that day. The largest of the others outside this group was Bank of Elmwood of Racine, Wisconsin, at $327 million.

Failures in Florida

In 2009 regulators closed 14 banks in Florida; this was the eighth. The previous failure there was Community National Bank of Sarasota County of Venice, on August 7, 2009. The next was Orion Bank of Naples, on November 13, 2009. Collier County has 7 failed banks on FDIC record since 1934. Closest in time: Partners Bank (2009), Orion Bank (2009), Florida Community Bank (2010), Marco Community Bank (2010), Bank of Florida - Southwest (2010).

Bank failures in Florida per year, 1980 to 2026081624321980: 11982: 11984: 21985: 31986: 51987: 61988: 51989: 191990: 211991: 231992: 91993: 11999: 22002: 22004: 12008: 22009: 142010: 292011: 132012: 82013: 42014: 12015: 12020: 119801990200020102020
Per year since 1980, 2009 in red. Every Florida failure

The acquiring bank

Stonegate Bank of Fort Lauderdale, Florida took over four failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 4 banks it took over.

  • Integrity BankJupiter, FL · July 31, 2009
  • First Commercial Bank of Tampa BayTampa, FL · June 17, 2011

FDIC certificate 58336 · loss estimate as of July 31, 2026 · How to read this page