A Big Week for Bad Banks

In one of the busiest weeks this year, 6 banks were closed today and all 3 Florida based banks were acquired by the same firm.

At number 10 on the current list (17th overall) was Metro Bank of Dade County of Miami, FL. It closed today with approximately $442.3 million in total assets and $391.3 million in total deposits.

At 43rd overall, First National Bank of the South of Spartanburg, SC closed today. It had approximately $682.0 million in total assets and $610.1 million in total deposits.

A new bank, NAFH National Bank of Miami, FL has agreed to acquire nearly all the deposits of both banks. NAFH also announced recently that it is investing in another under-capitalized bank, TIB Bank of Naples, FL which ranks at 239th on the list.

Several OTS regulated (and un-ranked) banks were also among this week's closures:

1. Mainstreet Savings Bank, FSB of Hastings, MI closed with approximately $97.4 million in total assets and $63.7 million in total deposits. Commercial Bank (838th) of Alma, MI has agreed to assume all deposits

2. Olde Cypress Community Bank of Clewiston, FL closed with approximately $168.7 million in total assets and $162.4 million in total deposits. CenterState Bank of Florida, National Association (3489th) of Winter Haven, FL has agreed to assume all deposits, excluding certain brokered deposits.

3. Turnberry Bank of Aventura, FL with approximately $263.9 million in total assets and $196.9 million in total deposits was closed. NAFH National Bank has agreed to assume all deposits as well.

4. Woodlands Bank of Bluffton, SC with approximately $376.2 million in total assets and $355.3 million in total deposits was closed. Bank of the Ozarks (3233rd) of Little Rock, AR has agreed to assume all deposits, excluding certain brokered deposits.