Data / Bank failures / 2010 / First National Bank of the South
First National Bank of the South, Spartanburg, SC: failed July 16, 2010
First National Bank of the South in Spartanburg, South Carolina, failed on July 16, 2010. Nafh National Bank of Miami, FL, took over its deposits. It held $619.4 million in assets and $550.9 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $68.3 million (11% of its assets). By assets it was the 34th largest of 157 banks closed or assisted in 2010.
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The FDIC's record
- Closed
- July 16, 2010
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Nafh National Bank, Miami, FL
- Total assets
- $619,374,000
- Total deposits
- $550,891,000
- Estimated cost to the FDIC
- $68,273,846 (estimate as of July 31, 2026)
- Charter
- National bank (supervised by the OCC)
- Insurance fund
- DIF
- FDIC certificate
- 35383
Other bank failures in South Carolina, 2008 to 2012
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Carolina Federal Savings Bank | Charleston | June 8, 2012 | $54.4 million | $53.1 million | $17.6 million | Bank of North Carolina |
| Plantation Federal Bank | Pawleys Island | April 27, 2012 | $433.5 million | $415.9 million | $83.2 million | First Federal Bank |
| Bankmeridian, N.A. | Columbia | July 29, 2011 | $232.6 million | $209.7 million | $49.2 million | SCBT National Association |
| Atlantic Bank and Trust | Charleston | June 3, 2011 | $208.2 million | $191.6 million | $31.2 million | First Citizens Bank and Trust Company, Inc. |
| Communitysouth Bank and Trust | Easley | January 21, 2011 | $341 million | $314.3 million | $45.2 million | Certus Bank, National Association |
| Williamsburg First National Bank | Kingstree | July 23, 2010 | $130.4 million | $127 million | $2.4 million | First Citizens Bank and Trust Company, Inc. |
| Woodlands Bank | Bluffton | July 16, 2010 | $382.8 million | $364.8 million | $107.3 million | Bank of the Ozarks |
| Beach First National Bank | Myrtle Beach | April 9, 2010 | $590 million | $521.1 million | $164.6 million | Bank of North Carolina |
Other failed banks Nafh National Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Turnberry Bank | Aventura | FL | July 16, 2010 | $240.3 million | $179.2 million | $28.7 million | Nafh National Bank |
| Metro Bank of Dade County | Miami | FL | July 16, 2010 | $399.4 million | $375.5 million | $64.2 million | Nafh National Bank |
All bank failures in 2010 · All bank failures in South Carolina · Every failed bank Nafh National Bank took over · The full failed bank list
Read from the FDIC's failures data (BankFind), last updated 2026-10-23. Assets and deposits are as of the last report before failure; the estimated cost is the FDIC's latest estimate of the loss to its insurance fund and changes as the receivership winds down. Free to reuse with credit to SpecStream under CC BY 4.0.