Failed Bank List

Closed Friday, January 30, 2009 · Ocala, Marion County, Florida

Ocala National Bank

In the three years to the first quarter of 2007, Ocala National Bank's assets grew 244%. Equity capital was below zero at its last report. In 2009 regulators closed 14 banks in Florida; this was the first.

On the books, 2001 to 2008

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$80M$160M$240M$320M2002200320042005200620072008Closed
Total assets peaked at $318 million and were 31% lower at the final report. Equity capital had covered 7.9% of assets in the first quarter of 2001. By then 18% of its loans were 90 days or more past due or no longer accruing interest. The deepest annual loss, $31.6 million, was booked in 2008.
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$32M−$32M2001: $444 thousand20017.2%2002: $768 thousand20027.6%2003: $1.4 million20037.4%2004: $2.1 million20046.7%2005: $2.7 million20057.8%2006: $4.4 million20068.0%2007: −$2.3 million20077.9%2008: −$31.6 million2008neg.

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; Ocala National Bank in red.

By assets it ranked 76th of the 140 failures in 2009. Within Florida it ranks 65th 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 Heritage Community Bank of Glenwood, Illinois ($235 million, loss 21% of assets); just below, Bank USA, N.A. of Phoenix, Arizona ($213 million, loss 5.5% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was Suburban Federal Savings Bank of Crofton, Maryland, at $347 million.

Failures in Florida

The previous failure there was Freedom Bank of Bradenton, on October 31, 2008. The next was Riverside Bank of the Gulf Coast of Cape Coral, on February 13, 2009. Marion County has 3 failed banks on FDIC record since 1934. The others: Independent National Bank (2010), 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, 2009 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. The others:

All 6 banks it took over.

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

FDIC certificate 26538 · loss estimate as of July 31, 2026 · How to read this page