Closed Friday, July 20, 2012 · Naples, Collier County, Florida
The Royal Palm Bank of Florida
The Royal Palm Bank of Florida's assets had shrunk 60% from their peak in the first quarter of 2009 by the last report before closing. Equity capital was below zero at its last report. In 2012 regulators closed 8 banks in Florida; this was the fifth.
On the books, 2004 to 2012
Total assets peaked at $196 million. Equity capital had covered 10% of assets in the third quarter of 2004. By then 12% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in five of its final nine reporting years. The deepest annual loss, $41.4 million, was booked in 2009.* 2012: January to June only, the last report before closing.
Size against the other 2012 failures
Total assets of each 2012 failure, log scale; The Royal Palm Bank of Florida in red.
By assets it ranked 40th of the 51 failures in 2012. Within Florida it ranks 115th by size of the 179 failures recorded since 1934. Across the failures of 2012, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Waukegan Savings Bank of Waukegan, Illinois ($83.7 million, loss 28% of assets); just below, Central Florida State Bank of Belleview, Florida ($71.5 million, loss 19% of assets). Every 2012 failure in the explorer.
Regulators closed five banks that day. The largest of the others was First Cherokee State Bank of Woodstock, Georgia, at $209 million.
Failures in Florida
The previous failure there was Putnam State Bank of Palatka, on June 15, 2012. The next was GulfSouth Private Bank of Destin, on October 19, 2012. Collier County has 7 failed banks on FDIC record since 1934. Closest in time: Hillcrest Bank Florida (2009), Orion Bank (2009), Florida Community Bank (2010), Marco Community Bank (2010), Bank of Florida - Southwest (2010).