Bank failure · FL

First State Bank (Sarasota, FL) — failed August 7, 2009

First State Bank of Sarasota, Florida was closed on August 7, 2009 and resolved through a purchase and assumption. Stearns Bank, National Association (MN) took over its insured deposits. At failure it held $447.7M in assets and $394.7M in deposits. The FDIC's estimated loss on the failure is $119.5M (26.7% of assets).