The Great Recession took a toll on the banking industry the likes of which hadn’t been seen since the Great Depression. But in 2012, bank failures finally started to slow down signaling the worst of the financial crisis may finally be in the past.
Bank regulators seized a Naples, Fla.-based bank this week, forcing customers to take their money elsewhere.
Florida’s federally insured banks and savings institutions posted a combined net income of $174 million for the period ending March 31, the Federal Deposit Insurance Corporation said. The first quarter figures were up 26.1 percent.
The feds closed one bank in Florida and two more in Georgia Friday, bring to 83 the number of banks closed in 2011. However, that is far fewer than were closed in 2010, where nearly twice as many US and Florida banks failed.
Federal regulators closed a small Milton-based bank on Friday, bringing the number of U.S. bank failures this year to 71.
Last year Florida led the nation in bank failures with 29 banks closing their doors. Georgia came in second with 21 failures; nationwide 157 banks closed their doors.
New numbers from the Federal Deposit Insurance Corporation showed 2010 was the worst year for bank failures in the United States since 1992 during the height of the savings-and-loan crisis.
WASHINGTON (AP) – Bank closings for the year hit 100 on Friday when regulators shut down Partners Bank in Florida. Financial institutions nationwide have collapsed under the weight of soured real estate loans and the […]