Failed Bank List

Closed Friday, November 13, 2009 · Naples, Collier County, Florida

Orion Bank

In the three years to the first quarter of 2008, Orion Bank's assets grew 120%. It was the largest of two banks handed to IBERIABANK together on the day it closed. In 2009 regulators closed 14 banks in Florida; this was the tenth.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$800M$1.6B$2.4B$3.2B20022003200420052006200720082009Closed
Total assets peaked at $2.9 billion and were 10% lower at the final report. Equity capital went from 6.5% of assets in the fourth quarter of 2001 to 2.5% at the last report. By then 17% 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, $83.9 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$100M−$100M2001: $2.8 million20016.5%2002: $10.0 million20027.7%2003: $13.0 million20038.2%2004: $16.8 million20048.8%2005: $25.0 million20058.6%2006: $34.3 million20067.5%2007: −$6.1 million20076.0%2008: −$20.5 million20084.8%2009: −$83.9 million2009*2.5%
* 2009: January to September 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; Orion Bank in red.

By assets it ranked 14th of the 140 failures in 2009. Within Florida it ranks seventh by size of the 179 failures recorded since 1934. Across the failures of 2009, the median estimated loss came to 27% of assets. Ranked by estimated loss, it is 53rd of 2,944 failures since 1934. In the size ranking of that year, just above it was Irwin Union Bank and Trust Company of Columbus, Indiana ($2.8 billion, loss 27% of assets); just below, Pacific National Bank of San Francisco, California ($2.3 billion, loss 2.5% of assets). Every 2009 failure in the explorer.

Closed together

With Orion Bank, the group reported $3.4 billion in assets, and the FDIC's estimated loss on all two is $1.0 billion. They have no separate pages here.

The other banks in the same transaction
BankLocationTotal assetsEst. lossFounded
Century Bank, F.S.B.Sarasota, FL$756 million$307 million1985

The only other bank closed that day outside this group was Pacific Coast National Bank of San Clemente, California.

Failures in Florida

The previous failure there was Partners Bank of Naples, on October 23, 2009. The next was Commerce Bank of Southwest Florida of Fort Myers, on November 20, 2009. Collier County has 7 failed banks on FDIC record since 1934. Closest in time: Hillcrest Bank Florida (2009), Partners Bank (2009), Florida Community Bank (2010), Marco Community Bank (2010), Bank of Florida - Southwest (2010).

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

IBERIABANK of Lafayette, Louisiana took over four failed banks between 2000 and 2026. Apart from the banks closed together with this one, the others:

All 4 banks it took over.

  • CapitalSouth BankBirmingham, AL · August 21, 2009
  • Sterling BankLantana, FL · July 23, 2010

FDIC certificate 22427 · loss estimate as of July 31, 2026 · How to read this page