On Friday, May 28, 2010, as a result of bank failure, the banks were shut down by the Florida Office of Financial Regulation.

They were placed into receivership and the Federal Deposit Insurance Corporation was named receiver.

At the time of the failure, Francis Rooney, the former U.S. ambassador to the Vatican, was the largest single shareholder of the bank, owning 3.38%.

[1] In the first quarter of 2010, Florida regulators warned the bank to raise capital or face being shut down.

They were placed into receivership and the Federal Deposit Insurance Corporation was named receiver.