Florida Up to 13 Bank Failures – U.S. Total at 78 This Year

FDIC bank closuresAt a total estimated cost to its insurance fund of $317 million, the Federal Deposit Insurance Corp. shut down five more banks – bringing this year’s total to 78 bank failures.
Three banks in Florida, one in Nevada and one in California held a total of $1.945 billion in assets.
The three states also claim some of the highest foreclosure rates in communities where crippling residential and commercial real estate loans continue to take their toll on local banks.
But bank closures have hit Florida the hardest, with the state registering the highest number of failures so far this year at 13.
The FDIC expects the rate of bank closures nationwide to peak by the end of this year – after surpassing last year’s rate of 140 failures. That was the highest rate in nearly two decades.
The regulator found buyers for all five banks in the past week, with EverBank of Jacksonville, Florida acquiring the three Florida banks.
Of the total estimated hit to the FDIC’s insurance fund of $317 million – about 64 percent or $203 million – is tied to the three Florida institutions.
Here’s a recap of the past week’s FDIC closures:
Sun West Bank, Las Vegas, NV with $360.7 million in assets and $353.9 million in deposits was closed. City National Bank, Los Angeles, CA has agreed to assume all deposits, excluding certain brokered deposits.
Granite Community Bank, NA, Granite Bay, CA with $102.9 million in assets and $94.2 million in deposits was closed. Tri Counties Bank, Chico, CA has agreed to assume all deposits.
Bank of Florida – Tampa Bay, Tampa, FL with $245.2 million in assets and $224.0 million in deposits was closed. EverBank, Jacksonville, FL has agreed to assume all deposits, excluding certain brokered deposits. 
Bank of Florida – Southwest, Naples, FL with $640.9 million in assets and $559.9 million in deposits was closed. EverBank, Jacksonville, FL has agreed to assume all deposits, excluding certain brokered deposits. 
Bank of Florida – Southeast, Fort Lauderdale, FL with $595.3 million in assets and $531.7 million in deposits was closed. EverBank, Jacksonville, FL has agreed to assume all deposits, excluding certain brokered deposits.

Leave a Reply

Your email address will not be published. Required fields are marked *