SPAN
January 1920-October 2012

HEADQUARTERS
Tamarac

REGULATORS
OCC

TOTAL ASSETS AT FAILURE
$65 million

COST TO FDIC
$9 million

DIRECTORS
Diane Raddatz
Richard Loncar
Peter Samardzija
Robert H. Jones
Michael P. Raddatz

First East Side Savings Bank has a very different history than other Florida banks that failed during the Great Recession.

It was founded in Chicago in 1920 and started lending in the Fort Lauderdale area about 70 years later.

In 2007, the bank sold off its Illinois operations and moved its headquarters to the Sunshine State.

During the boom, First East Side concentrated on making the riskiest type of real estate deals: loans to investors who wanted to build houses and resell them as soon as the work was done.

Many of these loans were never repaid and the losses quickly mounted. First East Side lost all the capital it accumulated from the sale of its Illinois operations, ultimately shutting its doors in late 2012.

The Florida Office of Financial Regulation did not oversee First East Side; federal regulators have not published an analysis of the reasons for its failure.

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