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.