GulfSouth Private Bank failed in October 2012. State regulatory reports will not be available for another three months, and the FDIC has not published an analysis of its demise.
Founded in Destin in November 2005, GulfSouth had $155 million in loans at its peak in March 2010.
Though an increasing number of its loans began going bad, GulfSouth was still strong enough in September 2009 to apply for and receive $7.5 million from TARP, the taxpayer-funded bank bailout that went into effect in 2008.
But that sum was not enough to save GulfSouth. It failed three years later.