Florida Commercial Banks Continue To Collapse

The depressed Florida economy claimed three more commercial banks in the past two weeks. On July 23, 2010 the Sterling Bank of Lantana was closed. Its latest published report showed total assets of $407.9 million.

On July 30, 2010 Coastal Community Bank in Panama City and Bayside Savings Bank in Port St. Joe were closed. The former had reported $372.9 million in total assets while the latter had $66.1 million.

The above three closures brought to 20 the number of Florida chartered commercial bank failures in 2010. Unfortunately, many more Florida bank failures can be expected in the immediate future as the economic woes of Florida continue.

Florida Bank Failures Continue To Mount

Commercial bank failures continue to mount in Florida as the economic outlook darkens. On July 16, 2010 the FDIC seized Miami-based Metro Bank of Dade County, with assets of $442.3 million; Turnberry Bank of Aventura, Fla., assets of $263.9 million; and Olde Cypress Community Bank of Clewiston, Fla., assets of $168.7 million.

These latest three failures brought the total number of Florida chartered bank failures to 17 for 2010. As forecast on this website, the number of bank failures in Florida now exceeds the 2009 total of 13.

Many more banks can be expected to fail in Florida in the immediate future as residential and commercial real estate problems worsen.