Bank Failure
The Bank of Miami
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Closed December 17, 2010 · Coral Gables, FL · FDIC Cert #19040.
- Closing date
- December 17, 2010
- Headquarters
- Coral Gables, FL
- FDIC Certificate
- 19040
- Total assets at closing
- $448.1M
- Total deposits at closing
- $374.2M
- Estimated loss to the insurance fund
- $29.0M
- Insurance fund
- Deposit Insurance Fund (DIF)
- Resolution
- Failure (closed by regulators)
- Acquirer
- 1st United Bank
Context
On December 17, 2010, regulators closed The Bank of Miami, headquartered in Coral Gables, FL. At closing, the institution held approximately $448.1M in assets and $374.2M in deposits. The FDIC record names 1st United Bank as the acquiring institution in the resolution. The estimated cost to the Deposit Insurance Fund (DIF) was approximately $29.0M.
By assets at closing this is the 408th largest of the 3,526 bank failures in the FDIC record, and the 49th of 157 in 2010. It falls in the period the record labels Global Financial Crisis (2008-2013), a period with 489 failures peaking at 157 in 2010.
Source: FDIC Failed Banks list. Asset and deposit values reflect the most recent regulatory filing prior to closing.
Common questions
When did The Bank of Miami fail?
The Bank of Miami was closed by regulators on December 17, 2010.
Who acquired The Bank of Miami?
The FDIC record names 1st United Bank as the acquiring institution in the resolution of The Bank of Miami.
How big was The Bank of Miami when it failed?
The Bank of Miami had approximately $448.1M in total assets and $374.2M in deposits at the time of failure.
Other failures in 2010
| Date | Bank | Assets |
|---|---|---|
| Dec 17, 2010 | Chestatee State Bank | $244.4M |
| Dec 17, 2010 | United Americas Bank | $242.3M |
| Dec 17, 2010 | First Southern Bank | $191.8M |
| Dec 17, 2010 | Appalacian Community Bank, F.S.B. | $68.2M |
| Dec 17, 2010 | Community National Bank | $31.6M |
| Dec 10, 2010 | Paramount Bank | $252.7M |
| Dec 10, 2010 | Earthstar Bank | $112.6M |
| Nov 19, 2010 | First Banking Center | $750.7M |
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