Closed Friday, December 16, 2011 · Crestview, Okaloosa County, Florida
Premier Community Bank of the Emerald Coast
In the three years to the second quarter of 2010, Premier Community Bank of the Emerald Coast's assets grew 222%. Equity capital was below zero at its last report. In 2011 regulators closed 13 banks in Florida; this was the 13th.
On the books, 2006 to 2011
Total assets peaked at $166 million and were 24% lower at the final report. Equity capital had covered 97% of assets in the third quarter of 2006. By then 17% 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 six reporting years. The deepest annual loss, $14.3 million, was booked in 2010.* 2011: January to September only, the last report before closing.
Size against the other 2011 failures
Total assets of each 2011 failure, log scale; Premier Community Bank of the Emerald Coast in red.
By assets it ranked 68th of the 92 failures in 2011. Within Florida it ranks 91st 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 Coastal Bank of Cocoa Beach, Florida ($129 million, loss 14% of assets); just below, Sunshine State Community Bank of Port Orange, Florida ($126 million, loss 26% of assets). Every 2011 failure in the explorer.
The only other bank closed that day was Western National Bank of Phoenix, Arizona.
Failures in Florida
The previous failure there was Old Harbor Bank of Clearwater, on October 21, 2011. The next was Central Florida State Bank of Belleview, on January 20, 2012. Okaloosa County has 4 failed banks on FDIC record since 1934. The others: GulfSouth Private Bank (2012), First National Bank of Crestview (2015), First City Bank of Florida (2020).