Failed Bank List

Closed Friday, August 20, 2010 · Ocala, Marion County, Florida

Independent National Bank

Regulators closed eight banks that day. Independent National Bank was the largest of two banks handed to CenterState Bank of Florida, N.A. together on the day it closed. In 2010 regulators closed 29 banks in Florida; this was the 21st.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$60M$120M$180M$240M2003200420052006200720082009Closed
Total assets peaked at $219 million in the third quarter of 2007 and were 29% lower at the final report. Equity capital went from 8.4% of assets in the third quarter of 2002 to 2.0% at the last report. By then 14% 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, $9.9 million, was booked in 2009.
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$10M−$10M2002: $1.2 million20028.5%2003: $1.7 million20038.0%2004: $1.9 million20047.9%2005: $2.2 million20058.1%2006: $1.7 million20067.4%2007: $947 thousand20078.0%2008: −$650 thousand20087.9%2009: −$9.9 million20094.0%2010: −$3.6 million2010*2.0%
* 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; Independent National Bank in red.

By assets it ranked 102nd of the 157 failures in 2010. Within Florida it ranks 81st 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 Northwest Bank & Trust of Acworth, Georgia ($161 million, loss 21% of assets); just below, Waterfield Bank of Germantown, Maryland ($156 million, loss 7.3% of assets). Every 2010 failure in the explorer.

Closed together

With Independent National Bank, the group reported $224 million in assets, and the FDIC's estimated loss on all two is $21.2 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Community National Bank at BartowBartow, FL$67.9 million$9.2 million1984

The largest of the others outside this group was ShoreBank of Chicago, Illinois, at $2.2 billion.

Failures in Florida

The previous failure there was Bayside Savings Bank of Port Saint Joe, on July 30, 2010. The next was Horizon Bank of Bradenton, on September 10, 2010. Marion County has 3 failed banks on FDIC record since 1934. The others: Ocala National Bank (2009), Central Florida State Bank (2012).

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, 2010 in red. Every Florida failure

The acquiring bank

CenterState Bank of Florida, N.A. of Winter Haven, Florida took over six failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 6 banks it took over.

  • Ocala National BankOcala, FL · January 30, 2009
  • Olde Cypress Community BankClewiston, FL · July 16, 2010
  • Central Florida State BankBelleview, FL · January 20, 2012
  • First Guaranty Bank and Trust Company of JacksonvilleJacksonville, FL · January 27, 2012

FDIC certificate 27344 · loss estimate as of July 31, 2026 · How to read this page