Failed Bank List

Closed Friday, July 31, 2009 · Jupiter, Palm Beach County, Florida

Integrity Bank

In the three years to the third quarter of 2008, Integrity Bank's assets grew 144%. Equity capital was below zero at its last report. In 2009 regulators closed 14 banks in Florida; this was the fourth.

On the books, 2004 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$40M$80M$120M$160M2005200620072008Closed
Total assets peaked at $142 million and were 26% lower at the final report. Equity capital had covered 82% of assets in the third quarter of 2004. By then 16% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in five of its final six reporting years. The deepest annual loss, $11.0 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$12M−$12M2004: −$831 thousand200460%2005: −$496 thousand200520%2006: $435 thousand200614%2007: −$1.1 million200712%2008: −$5.1 million20087.8%2009: −$11.0 million2009*neg.
* 2009: January to June 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; Integrity Bank in red.

By assets it ranked 114th of the 140 failures in 2009. Within Florida it ranks 99th 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 American Southern Bank of Kennesaw, Georgia ($106 million, loss 31% of assets); just below, Riverview Community Bank of Otsego, Minnesota ($99.1 million, loss 24% of assets). Every 2009 failure in the explorer.

Regulators closed five banks that day. The largest of the others was Mutual Bank of Harvey, Illinois, at $1.6 billion.

Failures in Florida

The previous failure there was BankUnited, FSB of Coral Gables, on May 21, 2009. The next was First State Bank of Sarasota, on August 7, 2009. Palm Beach County has 20 failed banks on FDIC record since 1934. Closest in time: Guardian Bank (1993), Net First National Bank (2002), Sun American Bank (2010), Sterling Bank (2010), Lydian Private Bank (2011).

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. The others:

All 4 banks it took over.

  • Hillcrest Bank FloridaNaples, FL · October 23, 2009
  • Partners BankNaples, FL · October 23, 2009
  • First Commercial Bank of Tampa BayTampa, FL · June 17, 2011

FDIC certificate 57604 · loss estimate as of July 31, 2026 · How to read this page