SPAN
May 1986-April 2013

HEADQUARTERS
Orange Park

REGULATORS
OFR/FDIC

TOTAL ASSETS AT FAILURE
$111 million

COST TO FDIC
$30 million

DIRECTORS
Robert J. Head Jr.
Randolph L. Knepper
Marvin E. Wilhite
Deborah Pass Durham
Winfield A. Gartner

Heritage Bank of North Florida failed just three months ago, and regulatory documents from the Office of Financial Regulation are not yet available.

The FDIC has not published an analysis of Heritage's downfall.

The bank rapidly grew its loan portfolio from $40 million to $130 million from March 2003 to March 2006. Loans started going bad at about the same time, though, chipping away at capital reserves.

Heritage chief executive Randy Knepper acted proactively by arranging a merger with The Jacksonville Bank, a better-capitalized institution, in January 2008. But the deal fell through six months later.

"Due to the challenges of the current economy and issues facing the financial industry, both banks believed that remaining separate was in our best interests at this time," Knepper said in a statement at the time.

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