# GULFSOUTH PRIVATE BANK

> **Failed bank** · DESTIN, FL · failed 2012-10-19 · State commercial bank, non-Federal Reserve member (FDIC-supervised) · FDIC cost $40M

## What happened

GULFSOUTH PRIVATE BANK of DESTIN, FL was closed by regulators on **2012-10-19**. The FDIC was named receiver.

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

Deposits were transferred to **SMARTBANK** (PIGEON FORGE, TN). Customers became depositors of the acquiring bank automatically.


## Key facts

- **FDIC ID:** 4028
- **FDIC Certificate:** 58073
- **FDIC FIN:** 10462
- **Bank name:** GULFSOUTH PRIVATE BANK
- **Location:** DESTIN, FL
- **Failure date:** 2012-10-19
- **FDIC resolution date:** 2012-10-19
- **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:** $40M
- **Deposits at failure:** $132M
- **Assets at failure:** $139M
- **Acquiring bank:** SMARTBANK (PIGEON FORGE, TN)

## Primary source

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

## Citation

> US Federal Deposit Insurance Corporation, BankFind failed-bank database, GULFSOUTH PRIVATE BANK (FDIC ID 4028), failed 2012-10-19. Retrieved via AI Analytics 2026-05-18 from https://api.ai-analytics.org/failed-bank/4028.

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