Bank failure · SC

First National Bank of the South (Spartanburg, SC) — failed July 16, 2010

First National Bank of the South of Spartanburg, South Carolina was closed on July 16, 2010 and resolved through a purchase and assumption. Nafh National Bank (FL) took over its insured deposits. At failure it held $619.4M in assets and $550.9M in deposits. The FDIC's estimated loss on the failure is $68.3M (11.0% of assets).