MetroBank of Dade County, Miami, Florida was closed by regulators on July 16, 2010. Together with Olde Cypress Community Bank and Turnberry Bank, this was one of three Florida banks that were shut down on Friday. Florida has a total of sixteen failed banks for the year.
Metro Bank had a total of six branches located in Miami, Coral Gables, Lighthouse Point, and Sunrise, Florida. The corporate headquarters was located in Miami. As of March 31, 2010, the bank had total assets of $442.3 million and total deposits of $391.3 million.
The failed institution was acquired by NAFH National Bank of Miami, Florida in a purchase and assumption agreement with the Federal Deposit Insurance Corporation (FDIC), which had been appointed as receiver. NAFH Bank will assume all deposits of MetroBank and purchase virtually all of the assets. $299.3 million of the assets will be covered in a loss-share agreement with the FDIC.
The branches of MetroBank will reopen under normal business hours and depositors will automatically become depositors for NAFH National Bank, with deposits insured by the FDIC.
The FDIC has estimated that the cost to the Deposit Insurance Fund (DIF) will be $67.7 million.
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