The Bank Blog —
Using cutting edge research, this blog predicts and comments on the probability of failure for the over 7000 regulated banks monitored by the Federal Reserve. While most depositors may be protected by the FDIC, the importance of bank survival is still very important to bank clientele with lines of credit, mortgages, loans or other forms of financing. We seek to inform people that they might be at risk.
Friday, October 21, 2011
Another Top Ten Failed Bank
This week marks the fourth Top Ten Failure for the list as Old Harbor Bank of Clearwater, Florida and three other banks failed. The tenth ranked bank was taken over by 1st United Bank (3802nd) of Boca Raton, Florida. This is the third failed bank acquisition for 1st United Bank having previously acquired the Bank of Miami and Republic Federal Bank in 2010 and 2009 respectively. The $1.26 billion bank by assets will grow considerably from Old Harbor Bank’s approximately $215.9 million in total assets and $217.8 million in total deposits. 1st United Bank entered into a loss-share transaction on $155.6 million of these assets. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $39.3 million.