Four Banks Closed In Georgia, Florida and Colorado – Losses Now Total $7 Billion

The continued decline in real estate values and aggressive lending during the real estate boom continue to haunt the banking industry.  Regulators closed four banks in three states this week bringing the total banking failures for the year to 84. Two banks were closed in Georgia which now accounts for 26% of all U.S. banking […]

Old Harbor Bank, Clearwater, FL, Closed By Regulators

Old Harbor Bank of Clearwater, Florida, an eight year old community bank, was closed today by the Florida Office of Financial Regulation.  The FDIC, appointed as receiver, sold the failed bank to 1st United Bank, Boca Raton, Florida. All seven branches of Old Harbor Bank will reopen on Saturday as branches of 1st United.  Depositors […]