fdic: Regulators Shut 2 Florida Banks, Lose $140 Million
- 08/11/09 01:08 AM
Regulators have seized three bank, two headquartered in Florida and one in Oregon, resulting in an estimated loss of $185 million to the Federal Deposit Insurance Corp.First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on Friday, Aug. 7, producing a loss of $116 million to the FDIC's Deposit Insurance Fund. The FDIC ensures deposits up to $250,000 per account.On that same day across town regulators were seizing the Community National Bank of Sarasota County, with assets of $97 million and deposits of $93 million. This failure resulted in a loss … (1 comments)
fdic: FDIC Prepares To Open Failed Bank Office Next Month In Florida
- 08/07/09 02:22 AM
Federal regulators are staffing up for next month's scheduled opening of what is poised to be a 500-person bank failure and asset sales office in Florida.The Federal Deposit Insurance Corp, which insures individual accounts up to $250,000, plans to open a "temporary" east coast office on Jacksonville's south side of town in September."Throughout its history, the FDIC has used these offices to keep temporary asset resolution staff closer to the concentration of failed bank assets they oversee," according to an FDIC statement. "As the work diminishes, the temporary satellite offices are closed."Industry watchers expect a surge of bank failures to occur … (0 comments)
fdic: Bank Foreclosing Oceanfront Site Seized By Federal Regulators
- 07/22/09 01:24 PM
Federal regulators have seized the South Dakota bank foreclosing on a nearly $12 million oceanfront condo development site in Greater Miami Beach.BankFirst of Sioux Falls, S.D., was shut on Friday, July 17, less than a month after the 14-year-old institution filed to foreclose on a 1.1-acre site development site located between Collins Avenue (State Road A1A) and the Atlantic Ocean.A 43-story tower featuring one unit per floor is proposed for the site located in the northeast Miami-Dade County city of Sunny Isles Beach, according to a CondoVultures.com article.The Federal Deposit Insurance Corp. estimates losses of $91 million from BankFirst's failure. Prior … (0 comments)
fdic: FDIC Lost $5.2 Billion Last Week
- 05/23/09 08:23 AM
The Federal Deposit Insurance Corp., which guarantees bank accounts up to $250,000, lost nearly $5.2 billion last week with the failure of a Florida savings institution and two Illinois banks.Last week's bank failures push the total losses incurred by the FDIC in the first five months of 2009 to more than $10.6 billion. In all of 2008, the FDIC lost between $10.4 billion and $14.9 billion, according to a new report from Condo Vultures® LLC using regulatory data."The FDIC is losing an average of $2 billion per month with bank failures," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based … (0 comments)
fdic: Regulators Seize Florida’s Largest Bank
- 05/22/09 02:03 AM
BY JIM FREERCondoVultures.comFederal regulators late Thursday afternoon seized Coral Gables-based BankUnited, FSB, the largest bank based in Florida, and sold it to a newly formed savings bank with the name, BankUnited.BankUnited's new ownership is a consortium of investors that includes John Kanas, a veteran New York banker who will head its operations beginning Friday, May 22, and New York-based investment firm WL Ross & Co. The investors are putting $900 million in capital into the bank.Bank United, FSB, had $12.8 billion in assets and $8.6 billion in deposits as of May 2.The bank had been suffering heavy losses, stemming mostly from … (0 comments)
fdic: Concerns Surface For FDIC's Legacy Loan Program
- 05/20/09 02:49 AM
BY JIM FREERSpecial CorrespondentThe Federal Deposit Insurance Corp. has set next month as the target date to launch its program where banks will sell pools of problem loans to partnerships of private investors and the U.S. Department of the Treasury.The regulators hope that participating banks will be able to put more focus on lending, including money from loan sales, and spend less time and expense managing delinquent loans.However, information from banking and real estate sources indicates that the long-awaited Legacy Loan Program might not get off to a fast start.Some bankers are concerned that prices for many delinquent loans sold in … (0 comments)
fdic: Florida Bank Failures Foreshadowed By FDIC
- 05/10/09 05:24 AM
Federal regulators are staffing up, leasing office space, and creating a management structure in preparation to seize an undisclosed number of struggling banks in Florida and the Southeastern United States.The Federal Deposit Insurance Corp., which guarantees deposits of $250,000 at the nation's banks, plans to open a satellite office to be used by up to 500 people in the northeast Florida city of Jacksonville to spearhead the imminent seizures and eventual asset sales."The FDIC, which prides itself on predictability and consistency, is sending a strong message to the banking industry that the day of reckoning is almost at hand," said Peter … (0 comments)
fdic: US Bank Failure Losses Top $5 Billion In 2009
- 05/03/09 06:04 AM
Federal regulators shut three more institutions on May 1, increasing the total estimated losses related to failed bank in 2009 to more than $5 billion, according to a report by Condo Vultures® LLC.In 2008, regulators shut 25 institutions that resulted in total losses of between $10.4 billion and $14.9 billion, according to the report based on data from the Federal Deposit Insurance Corp."Our research indicates that taxpayers have lost an estimated $5.3 billion this year," said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures®. "This means that taxpayers are losing about $1.33 billion per month or $11 … (0 comments)
fdic: Florida, Nevada Unscathed - So Far - By Bank Failures
- 02/11/09 01:00 AM
Regulators have closed 34 banks in the United States in the last 13 months, yet somehow only five of the financial institutions to fail have been based in the devastated real estate markets of Florida and Nevada, according to a new report from Condo Vultures® LLC based on FDIC data.Florida has had only three institutions fail - all outside of South Florida - while two Nevada banks were seized by regulators. For context, consider that Georgia, a state with a diversified economy and a somewhat steady housing market, has had six banks closed, which is twice as many as Florida and … (0 comments)
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Regulators have seized three bank, two headquartered in Florida and one in Oregon, resulting in an estimated loss of $185 million to the Federal Deposit Insurance Corp.First State Bank, a Sarasota, Fla.-based institution with assets of $463 million and deposits of $387 million, was shuttered on Friday, Aug. 7, producing a loss of $116 million to the FDIC's Deposit Insurance Fund. The FDIC ensures deposits up to $250,000 per account.On that same day across town regulators were seizing the Community National Bank of Sarasota County, with assets of $97 million and deposits of $93 million. This failure resulted in a loss … (1 comments)
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