SPAN
June 1984-September 2011

HEADQUARTERS
Milton

REGULATORS
OCC

TOTAL ASSETS AT FAILURE
$297 million

COST TO FDIC
$47 million

DIRECTORS
Wilbur Adams
Doulas Mott
Jack Locklin
Mahlon McCall
Bobby Murphy
I.H. Northrop Jr.

First National Bank of Florida was not overseen by the state Office of Financial Regulation, and the FDIC published only a cursory report on the reasons for its demise.

Like most failed Florida banks, First National focused on lending to commercial real estate developers. This strategy ultimately led to its demise, the FDIC said.

The bank also failed to properly manage the risk in its loans, didn't obtain proper appraisals, and failed to set aside enough money to insure against possible losses.

Among its loans were two totaling $5.5 million to a company owned in part by Henry W. Maclin III, who had a past bankruptcy on his record. Maclin got hit with a $1.9 million judgment in April 2008.

"Losses associated with high concentration of commercial real estate loans and deficient credit risk management depleted capital and ultimately led to First National Bank of Florida's failure," the FDIC wrote in its report.

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