Failed Bank List

Closed Friday, July 22, 2011 · Sarasota, Sarasota County, Florida

LandMark Bank of Florida

LandMark Bank of Florida was the largest of two banks handed to American Momentum Bank together on the day it closed. Equity capital was below zero at its last report. In 2011 regulators closed 13 banks in Florida; this was the eighth.

On the books, 2003 to 2011

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$100M$200M$300M$400M2004200520062007200820092010Closed
Total assets peaked at $365 million in the first quarter of 2009 and were 27% lower at the final report. Equity capital had covered 8.5% of assets in the third quarter of 2003. By then 16% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $10.1 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$12M−$12M2003: $528 thousand20037.2%2004: $909 thousand20048.0%2005: $2.1 million20056.8%2006: $2.3 million20067.8%2007: $1.3 million20077.8%2008: −$728 thousand20087.1%2009: −$10.1 million20094.7%2010: −$6.7 million20103.0%2011: −$8.9 million2011*neg.
* 2011: January to June only, the last report before closing.

Size against the other 2011 failures

Total assets of the 92 banks that failed in 2011, log scale$10M$100M$1B$10B
Total assets of each 2011 failure, log scale; LandMark Bank of Florida in red.

By assets it ranked 33rd of the 92 failures in 2011. Within Florida it ranks 55th by size of the 179 failures recorded since 1934. Across the failures of 2011, the median estimated loss came to 23% of assets. In the size ranking of that year, just above it was Citizens Bank of Northern California of Nevada City, California ($289 million, loss 14% of assets); just below, Evergreen State Bank of Stoughton, Wisconsin ($241 million, loss 12% of assets). Every 2011 failure in the explorer.

Closed together

With LandMark Bank of Florida, the group reported $308 million in assets, and the FDIC's estimated loss on all two is $48.8 million. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Southshore Community BankApollo Beach, FL$41.3 million$11.4 million2005

The only other bank closed that day outside this group was Bank of Choice of Greeley, Colorado.

Failures in Florida

The previous failure there was First Peoples Bank of Port St. Lucie, on July 15, 2011. The next was Lydian Private Bank of Palm Beach, on August 19, 2011. Sarasota County has 5 failed banks on FDIC record since 1934. The others: First Venice Savings and Loan Association (1989), First State Bank (2009), Community National Bank of Sarasota County (2009), Century Bank, F.S.B. (2009).

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, 2011 in red. Every Florida failure

FDIC certificate 35244 · loss estimate as of July 31, 2026 · How to read this page