A HERALD-TRIBUNE INVESTIGATION - STORIES | VIEW BANK DATA:
BREAKING
THE BANKS
Independent National Bank

Defaults: This data is from judgements and foreclosure filings and was collected through county clerk’s offices. It includes every judgement for more than $1 million or the five largest at each bank.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Independent National Bank
SPAN
October 1988-August 2010

HEADQUARTERS
Ocala

REGULATORS
OCC

TOTAL ASSETS AT FAILURE
$156 million

COST TO FDIC
$23 million

DIRECTORS
J. L. Peterson
Mark A. Imes
Jeremy Deters
Deborah A. Klugger
Frank E. Stafford Jr.
Billy G. Gadd
C. H. Deters
L. T. Slaughter
The Florida Office of Financial Regulation did not oversee Independent National Bank; the FDIC put out only a cursory review of the reasons for its failure.

In its November 2012 report, the FDIC said that Independent went under because it pursued growth by concentrating on loans to developers and speculators without properly analyzing the risks.

"For example, Independent's credit culture was such that lending decisions were based more on personal relationships than the borrowers' demonstrated ability to repay," the FDIC wrote. "In addition, the process for the ongoing monitoring and analysis of a borrower's financial condition was deficient."

The result, according to the FDIC, was "a portfolio of poorly underwritten and managed loans."
FLORIDA COMMUNITY BANKS
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