Failed Bank List

Closed Friday, March 12, 2010 · Orlando, Orange County, Florida

Old Southern Bank

Old Southern Bank failed four years after it opened in 2006. In the three years to the second quarter of 2009, its assets grew 1,041%. In 2010 regulators closed 29 banks in Florida; this was the fifth.

On the books, 2006 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$150M$300M$450M$600M200720082009Closed
Total assets peaked at $406 million and were 17% lower at the final report. Equity capital went from 85% of assets in the second quarter of 2006 to 2.7% at the last report. By then 14% 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, $32.5 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−$40M2006: −$2.3 million200628%2007: −$3.0 million200713%2008: −$4.0 million200811%2009: −$32.5 million20092.7%

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; Old Southern Bank in red.

By assets it ranked 66th of the 157 failures in 2010. Within Florida it ranks 47th 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 Sonoma Valley Bank of Sonoma, California ($337 million, loss 3.1% of assets); just below, 1st Pacific Bank of California of San Diego, California ($336 million, loss 1.9% of assets). Every 2010 failure in the explorer.

Two other banks closed that day; the largest was The Park Avenue Bank of New York, New York, at $520 million.

Failures in Florida

The previous failure there was Sun American Bank of Boca Raton, on March 5, 2010. The next was Key West Bank of Key West, on March 26, 2010. Orange County has 6 failed banks on FDIC record since 1934. The others: Florida Center Bank (1986), American Pioneer Savings Bank (1990), The First, Federal Association (1991), First Commercial Bank of Florida (2011), First National Bank of Central Florida (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, 2010 in red. Every Florida failure

The acquiring bank

Centennial Bank of Conway, Arkansas took over seven failed banks between 2000 and 2026. The others:

All 7 banks it took over.

  • Key West BankKey West, FL · March 26, 2010
  • Coastal Community BankPanama City Beach, FL · July 30, 2010
  • Bayside Savings BankPort Saint Joe, FL · July 30, 2010
  • Wakulla BankCrawfordville, FL · October 1, 2010
  • Gulf State Community BankCarrabelle, FL · November 19, 2010
  • Heritage Bank of FloridaLutz, FL · November 2, 2012

FDIC certificate 58182 · loss estimate as of July 31, 2026 · How to read this page