A HERALD-TRIBUNE INVESTIGATION
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STORIES
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VIEW BANK DATA:
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AmericanFirst Bank
Bank of Bonifay
Bank of Florida Southeast
Bank of Florida Southwest
Bank of Florida Tampa Bay
BankUnited
Bayside Savings Bank
Central Florida State Bank
Century Bank
Chipola Community Bank
Coastal Bank
Coastal Community Bank
Commerce Bank of Southwest Florida
Community National Bank at Bartow
Community National Bank of Sarasota County
Cortez Community Bank
First Bank of Jacksonville
First Commercial Bank of Florida
First Commercial Bank of Tampa Bay
First East Side Savings Bank
First Federal Bank of North Florida
First Guaranty Bank & Trust
First National Bank of Central Florida
First National Bank of Florida
First Peoples Bank
First Priority Bank
First State Bank
Flagship National Bank
Florida Community Bank
Freedom Bank
Gulf State Community Bank
GulfSouth Private Bank
Haven Trust Bank
Heritage Bank of Florida
Heritage Bank of North Florida
Hillcrest Bank
Horizon Bank
Independent National Bank
Integrity Bank
Key West Bank
LandMark Bank
Lydian Private Bank
Marco Community Bank
Metro Bank of Dade
Ocala National Bank
Old Harbor Bank
Old Southern Bank
Olde Cypress Community Bank
Orion Bank
Partners Bank
Peninsula Bank
Peoples First Community Bank
Premier American Bank
Premier Community Bank of the Emerald Coast
Progress Bank of Florida
Putnam State Bank
Republic Federal Bank
Riverside Bank of the Gulf Coast
Riverside National Bank of Florida
Security Bank
Southshore Community Bank
Sterling Bank
Sun American Bank
Sunshine State Community Bank
The Bank of Miami
The Royal Palm Bank of Florida
Turnberry Bank
Wakulla Bank
BREAKING
THE BANKS
First East Side Savings 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
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2012
First East Side Savings Bank
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.
FLORIDA COMMUNITY BANKS
Click to explore bank profiles, loans, officers, capital and defaults.
AmericanFirst Bank
Bank of Bonifay
Bank of Florida Southeast
Bank of Florida Southwest
Bank of Florida Tampa Bay
BankUnited
Bayside Savings Bank
Central Florida State Bank
Century Bank
Chipola Community Bank
Coastal Bank
Coastal Community Bank
Commerce Bank of Southwest Florida
Community National Bank at Bartow
Community National Bank of Sarasota County
Cortez Community Bank
First Bank of Jacksonville
First Commercial Bank of Florida
First Commercial Bank of Tampa Bay
First East Side Savings Bank
First Federal Bank of North Florida
First Guaranty Bank & Trust
First National Bank of Central Florida
First National Bank of Florida
First Peoples Bank
First Priority Bank
First State Bank
Flagship National Bank
Florida Community Bank
Freedom Bank
Gulf State Community Bank
GulfSouth Private Bank
Haven Trust Bank
Heritage Bank of Florida
Heritage Bank of North Florida
Hillcrest Bank
Horizon Bank
Independent National Bank
Integrity Bank
Key West Bank
LandMark Bank
Lydian Private Bank
Marco Community Bank
Metro Bank of Dade
Ocala National Bank
Old Harbor Bank
Old Southern Bank
Olde Cypress Community Bank
Orion Bank
Partners Bank
Peninsula Bank
Peoples First Community Bank
Premier American Bank
Premier Community Bank of the Emerald Coast
Progress Bank of Florida
Putnam State Bank
Republic Federal Bank
Riverside Bank of the Gulf Coast
Riverside National Bank of Florida
Security Bank
Southshore Community Bank
Sterling Bank
Sun American Bank
Sunshine State Community Bank
The Bank of Miami
The Royal Palm Bank of Florida
Turnberry Bank
Wakulla Bank