Jump to content
House Price Crash Forum
Sign in to follow this  

F.d.i.c. Closes 6 Banks, Including 3 In Florida

Recommended Posts


WASHINGTON (AP) — Regulators shut down three banks in Florida, two in South Carolina and one in Michigan on Friday, bringing to 96 the number of banks that have failed this year.

The Federal Deposit Insurance Corporation took over the banks: Woodlands Bank, based in Bluffton, S.C., with $376.2 million in assets; First National Bank of the South, based in Spartanburg, S.C., with $682 million in assets; and Mainstreet Savings Bank of Hastings, Mich., with $97.4 million in assets.

The agency also seized Miami-based Metro Bank of Dade County, with assets of $442.3 million; Turnberry Bank of Aventura, Fla., with assets of $263.9 million; and Olde Cypress Community Bank of Clewiston, Fla., with assets of $168.7 million.


The failure of Woodlands Bank is estimated to cost the deposit insurance fund $115 million. Estimated costs for the others are: First National Bank of the South, $74.9 million; Mainstreet Savings Bank, $11.4 million; Metro Bank of Dade County, $67.6 million; Turnberry Bank, $34.4 million; and Olde Cypress Community Bank, $31.5 million.

With 96 closures nationwide so far this year, the pace of bank failures far outstrips that of 2009, which had been a brisk year for shutdowns. By this time last year, regulators had closed 57 banks. The rate has accelerated as banks’ losses mounted on loans made for commercial property and development.

The number of bank failures is expected to peak this year and be slightly higher than the 140 that failed in 2009.

Still it's all contained and fewer banks mean bigger profits for those that remain.

Bonuses all round.

Share this post

Link to post
Share on other sites

Presumably the more small bank closures there are then the bigger market share the big banks get. Since big banks caused the problem in the first place leading to the small bank closure its worked out pretty well for the big banks. They should remake Its A Wonderful Life - I wonder how George Bailey would have coped with the banking crises

Share this post

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.