Home -> Law Blog Directory -> Bailout Blogs -> Calculated Risk

Bailout

: Calculated Risk

Bank Failures #74 to #76: Florida

By Anonymous

Bank of Florida
Reckless lending aftermath
Condo kingdom crash
by Soylent Green is People
From the FDIC: Everbank, Jacksonville, Florida, Acquires All the Deposits of Three Affiliated Florida Institutions

Bank of Florida ? Southeast, Fort Lauderdale, Florida; Bank of Florida ? Southwest, Naples, Florida; and Bank of Florida ? Tampa Bay, Tampa, Florida, were all closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The three failed banks were owned by the same holding company, Bank of Florida Corporation, which was not part of this transaction.
...
As of March 31, 2010, Bank of Florida - Southeast had total assets of $595.3 million and total deposits of $531.7 million; Bank of Florida - Southwest had total assets of $640.9 million and total deposits of $559.9 million; and Bank of Florida ? Tampa Bay had total assets of $245.2 million and total deposits of $224.0 million. ...

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Bank of Florida - Southeast will be $71.4 million; for Bank of Florida - Southwest, $91.3 million; and for Bank of Florida ? Tampa Bay, $40.3 million. ...The three closings bring the total number of failed banks in the nation so far this year to 76 and the total in Florida to 13. Prior to today, the last bank closed in the state was Bank of Bonifay, Bonifay, on May 7, 2010.

A quick three-fer ...

Full post as published by Calculated Risk on May 28, 2010 (boomark / email).