# FIRST STATE BANK

> **Failed bank** · SARASOTA, FL · failed 2009-08-07 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $119M

## What happened

FIRST STATE BANK of SARASOTA, FL was closed by regulators on **2009-08-07**. The FDIC was named receiver.

**Resolution:** Purchase & Assumption — acquiring bank assumed deposits + bought assets

Deposits were transferred to **STEARNS BANK, NATIONAL ASSOCIATION** (ST. CLOUD, MN). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 3665
- **FDIC Certificate:** 27364
- **FDIC FIN:** 10098
- **Bank name:** FIRST STATE BANK
- **Location:** SARASOTA, FL
- **Failure date:** 2009-08-07
- **FDIC resolution date:** 2009-08-07
- **Charter type:** State commercial bank, non-Federal Reserve member (FDIC-supervised)
- **Resolution type:** Purchase & Assumption — acquiring bank assumed deposits + bought assets
- **Estimated FDIC DIF cost:** $119M
- **Deposits at failure:** $395M
- **Assets at failure:** $448M
- **Acquiring bank:** STEARNS BANK, NATIONAL ASSOCIATION (ST. CLOUD, MN)

## Other banks STEARNS BANK, NATIONAL ASSOCIATION has acquired in FDIC resolutions

- CONVENANT BANK & TRUST (ROCK SPRING, GA) — failed 2012-03-23 — /failed-bank/3997
- COPPER STAR BANK (SCOTTSDALE, AZ) — failed 2010-11-12 — /failed-bank/3878
- COMMUNITY NATIONAL BANK OF SARASOTA COUNTY (VENICE, FL) — failed 2009-08-07 — /failed-bank/3664
- HORIZON BANK (PINE CITY, MN) — failed 2009-06-26 — /failed-bank/3634

## Primary source

FDIC BankFind failed-bank search: https://banks.data.fdic.gov/explore/failures?searchName=FIRST%20STATE%20BANK

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, FIRST STATE BANK (FDIC ID 3665), failed 2009-08-07. Retrieved via AI Analytics 2026-05-20 from https://api.ai-analytics.org/failed-bank/3665.

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