Florida bank losses hit $2b
FLORIDA: The Federal Deposit Insurance Corp. surpassed $2 billion in losses in Florida for 2010, with regulatory seizure of the Bank of Miami, according to a new Condo Vultures 'White Paper.'
Before its closure, the Bank of Miami was a 46-year-old institution with three branches, 101 employees, and $448 million in assets. At the height of the real estate boom in December 2005, the Bank of Miami --formerly known as the International Bank of Miami -had assets of nearly $1 billion and 165 employees, according to FDIC data. -PB News