Florida bank losses hit $2b

The Pak Banker - - Front Page -

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

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