Data / Bank failures / 2010 / Gulf State Community Bank
Gulf State Community Bank, Carrabelle, FL: failed November 19, 2010
Gulf State Community Bank in Carrabelle, Florida, failed on November 19, 2010. Centennial Bank of Conway, AR, took over its deposits. It held $112.1 million in assets and $112.2 million in deposits at its last report. The FDIC estimates the cost to its insurance fund at $44.4 million (39.6% of its assets). By assets it was the 115th largest of 157 banks closed or assisted in 2010.
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The FDIC's record
- Closed
- November 19, 2010
- Type
- Failure
- How it was resolved
- Purchase and assumption: another bank took over the deposits
- Acquirer
- Centennial Bank, Conway, AR
- Total assets
- $112,144,000
- Total deposits
- $112,193,000
- Estimated cost to the FDIC
- $44,442,987 (estimate as of July 31, 2026)
- Charter
- State nonmember bank (FDIC)
- Insurance fund
- DIF
- FDIC certificate
- 20340
Other bank failures in Florida, 2008 to 2012
| Bank | City | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|
| Heritage Bank of Florida | Lutz | November 2, 2012 | $225.5 million | $223.3 million | $73.8 million | Centennial Bank |
| Gulfsouth Private Bank | Destin | October 19, 2012 | $139.4 million | $131.6 million | $40.3 million | Smartbank |
| First East Side Savings Bank | Tamarac | October 19, 2012 | $65.7 million | $64.9 million | $12.4 million | Stearns Bank National Association |
| The Royal Palm Bank of Florida | Naples | July 20, 2012 | $78.8 million | $78.9 million | $16.8 million | First National Bank of the Gulf Coast |
| Putnam State Bank | Palatka | June 15, 2012 | $169.5 million | $160 million | $28.8 million | Harbor Community Bank |
| Security Bank, National Association | North Lauderdale | May 4, 2012 | $101 million | $99.1 million | $15.1 million | Banesco USA |
| First Guaranty Bank and Trust Company of Jacksonville | Jacksonville | January 27, 2012 | $397.1 million | $378.3 million | $54.4 million | Centerstate Bank of Florida, National Association |
| Central Florida State Bank | Belleview | January 20, 2012 | $71.5 million | $71.1 million | $13.7 million | Centerstate Bank of Florida, National Association |
Other failed banks Centennial Bank took over
| Bank | City | State | Closed | Assets | Deposits | Estimated cost | Acquirer |
|---|---|---|---|---|---|---|---|
| Heritage Bank of Florida | Lutz | FL | November 2, 2012 | $225.5 million | $223.3 million | $73.8 million | Centennial Bank |
| Wakulla Bank | Crawfordville | FL | October 1, 2010 | $402.2 million | $367.2 million | $119.9 million | Centennial Bank |
| Bayside Savings Bank | Port Saint Joe | FL | July 30, 2010 | $64.3 million | $52.7 million | $12.5 million | Centennial Bank |
| Coastal Community Bank | Panama City Beach | FL | July 30, 2010 | $377.5 million | $370 million | $116.9 million | Centennial Bank |
| Key West Bank | Key West | FL | March 26, 2010 | $88 million | $67.7 million | $16.2 million | Centennial Bank |
| Old Southern Bank | Orlando | FL | March 12, 2010 | $336.4 million | $319.7 million | $76.5 million | Centennial Bank |
All bank failures in 2010 · All bank failures in Florida · Every failed bank Centennial 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.