Bank failure · FL

Gulfsouth Private Bank (Destin, FL) — failed October 19, 2012

Gulfsouth Private Bank of Destin, Florida was closed on October 19, 2012 and resolved through a purchase and assumption. Smartbank (TN) took over its insured deposits. At failure it held $139.4M in assets and $131.6M in deposits. The FDIC's estimated loss on the failure is $40.3M (28.9% of assets).