On August 2, 2011, at 1500, eastern daylight time, a Bellanca 8GCBC, N87020, registered to an individual and operated by Heads Up Advertising, incurred substantial damage when it impacted terrain in Egg Harbor Township, New Jersey. The pilot was seriously injured. Visual meteorological conditions prevailed and a company flight plan was filed for the Title 14 Code of Federal Regulations Part 91, banner towing flight. The flight originated from Woodbine Municipal Airport (OBI), Woodbine, New Jersey, about 1450. The responding Federal Aviation Administration (FAA) inspector stated that the pilot fueled the airplane prior to flying towards the banner pick up area. The pilot attempted 3 banner pickups prior to the accident. He maneuvered the airplane for the fourth attempt but failed to pick up the banner. The banner ground handler looked away and started to prepare the banner for another attempt, when moments later he heard a loud impact noise and observed the airplane had crashed into the ground about half mile away from the pickup area, on the crosswind for the banner tow pattern. According to a witness, the airplane was observed flying approximately 100 feet above ground level. She noted that the wings were "wobbling" and the airplane was not climbing although it was in a nose up attitude. Next, she saw the airplane begin to "nosedive" and start spinning but was unable to see the airplane impact the ground. The pilot stated that he did not have any recollection of the accident or the events prior to the accident. The airplane was manufactured in 1974 and was equipped with a Lycoming O-360 series, 180-horsepower engine. The airplane's most recent annual inspection was completed on February 3, 2011. At the time of the inspection, the reported aircraft time was 6698.0 total hours and the recorded tachometer was 2090.15 hours. The tachometer located in the wreckage 2236.91 hours. The pilot, age 20, held a commercial pilot certificate with ratings for airplane single-engine land and instrument airplane. His most recent Federal Aviation Administration (FAA) second-class medical certificate was issued in May 2011. He reported 600 total hours of flight experience, of which, 65 hours were in the accident airplane make and model. A post accident examination of the wreckage by the FAA revealed that control continuity was verified to all flight control surfaces. Fuel samples were taken from each wing with no water or contaminants noted. Examination of the engine was performed and the top and bottom sparkplugs were removed and no issues were noted. The crankshaft was rotated by the propeller flange and compression was observed on all cylinders. In addition, spark was obtained from the spark plug leads during the rotation.