Stay Tuned, the financial tsunami is not over. 157 Banks failed in 2010. This is why banks are so reluctant to make loans, especially to investors. The Federal Bank Examiners are actually doing their job now when compared to how they were so laid back a couple of years ago during the “Fog This Mirror and You Are Approved” lending bonanza.
– Mike Butler
By THE ASSOCIATED PRESS
Published: January 7, 2011
Regulators on Friday shuttered a Florida bank, the first closure of 2011 after 157 banks succumbed last year to the struggling economy and mounting bad loans. The Federal Deposit Insurance Corporation took over First Commercial Bank of Florida, based in Orlando, with $598.5 million in assets and $529.6 million in deposits. First Southern Bank, based in Boca Raton, Fla., agreed to assume the assets and deposits of the failed bank. The failure of First Commercial Bank of Florida is expected to cost the deposit insurance fund $78 million.