Failed Bank List

Closed Friday, December 11, 2009 · Miami, Miami-Dade County, Florida

Republic Federal Bank, N.A.

In the three years to the fourth quarter of 2006, Republic Federal Bank, N.A.'s assets grew 302%. Equity capital was below zero at its last report. In 2009 regulators closed 14 banks in Florida; this was the 13th.

On the books, 2001 to 2009

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$200M$400M$600M$800M20022003200420052006200720082009Closed
Total assets peaked at $713 million and were 39% lower at the final report. Equity capital had covered 6.2% of assets in the fourth quarter of 2001. By then 13% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in seven of its final nine reporting years. The deepest annual loss, $25.6 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$32M−$32M2001: −$786 thousand20016.2%2002: −$818 thousand20028.4%2003: $21 thousand20038.1%2004: $914 thousand200417%2005: −$2.0 million200512%2006: −$3.8 million20066.9%2007: −$5.5 million20078.8%2008: −$25.1 million20081.9%2009: −$25.6 million2009*neg.
* 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; Republic Federal Bank in red.

By assets it ranked 55th of the 140 failures in 2009. Within Florida it ranks 39th 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 Citizens National Bank of Macomb, Illinois ($439 million, loss 6.9% of assets); just below, Security Bank of Jones County of Gray, Georgia ($433 million, loss 23% of assets). Every 2009 failure in the explorer.

Two other banks closed that day; the largest was SolutionsBank of Overland Park, Kansas, at $511 million.

Failures in Florida

The previous failure there was Commerce Bank of Southwest Florida of Fort Myers, on November 20, 2009. The next was Peoples First Community Bank of Panama City, on December 18, 2009. Miami-Dade County has 36 failed banks on FDIC record since 1934. Closest in time: BankUnited, FSB (2009), Premier American Bank (2010), Metro Bank of Dade County (2010), Turnberry Bank (2010), The Bank of Miami, N.A. (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

1st United Bank of Boca Raton, Florida took over three failed banks between 2000 and 2026. The others:

FDIC certificate 22846 · loss estimate as of July 31, 2026 · How to read this page