Data / Bank failures / 2009 / First State Bank
First State Bank, Sarasota, FL: failed August 7, 2009
First State Bank in Sarasota, Florida, failed on August 7, 2009. Stearns Bank, National Association of ST. Cloud, MN, took over its deposits. It held $447.7 million in assets and $394.7 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $119.5 million (26.7% of its assets). By assets it was the 60th largest of 148 banks closed or assisted in 2009.
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The FDIC's record
- Closed
- August 7, 2009
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Stearns Bank, National Association, ST. Cloud, MN
- Total assets
- $447,667,000
- Total deposits
- $394,701,000
- Estimated cost to the FDIC
- $119,466,042 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 27364
Other bank failures in Florida, 2007 to 2011
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Premier Community Bank of the Emerald Coast | Crestview | December 16, 2011 | $126 million | $112.1 million | $25.1 million | Summit Bank, National Association |
| Old Harbor Bank | Clearwater | October 21, 2011 | $209 million | $212.2 million | $26.3 million | 1ST United Bank |
| The First National Bank of Florida | Milton | September 9, 2011 | $296.8 million | $280.1 million | $75.7 million | Charterbank |
| Lydian Private Bank | Palm Beach | August 19, 2011 | $1.70 billion | $1.25 billion | $183.5 million | Sabadell United Bank, National Association |
| Southshore Community Bank | Apollo Beach | July 22, 2011 | $41.3 million | $41.4 million | $11.4 million | American Momentum Bank |
| Landmark Bank of Florida | Sarasota | July 22, 2011 | $266.5 million | $244.4 million | $37.4 million | American Momentum Bank |
| First Peoples Bank | Port Saint Lucie | July 15, 2011 | $225 million | $207.6 million | $13.1 million | Premier American Bank, National Association |
| First Commercial Bank of Tampa Bay | Tampa | June 17, 2011 | $98.6 million | $92.6 million | $33.5 million | Stonegate Bank |
Other failed banks Stearns Bank, National Association took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Convenant Bank & Trust | Rock Spring | GA | March 23, 2012 | $95.7 million | $90.6 million | $30.3 million | Stearns Bank, National Association |
| Copper Star Bank | Scottsdale | AZ | November 12, 2010 | $204 million | $190.2 million | $52.6 million | Stearns Bank, National Association |
| Community National Bank of Sarasota County | Venice | FL | August 7, 2009 | $92.5 million | $92.4 million | $25.4 million | Stearns Bank, National Association |
| Horizon Bank | Pine City | MN | June 26, 2009 | $84.8 million | $69.3 million | $24 million | Stearns Bank, National Association |
All bank failures in 2009 · All bank failures in Florida · Every failed bank Stearns Bank, National Association 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.