Bank of Florida had three wholly owned banking subsidiaries located in Florida. Bank of Florida Corporation operated as a holding company for Bank of Florida Southwest, Bank of Florida Southeast and Bank of Florida Tampa that provided commercial and consumer banking services in Florida. Bank of Florida Trust company also was affiliated with the bank.
Bank of Florida was taken over and shut down by the FDIC on May 28, 2010. It was then sold with a loss-sharing agreement to EverBank, Jacksonville, FL.
Background
Bank of Florida Corporation was organized in 1998 by a group of local business and financial services professionals. Their mission was to be the "Bank of Choice" for Businesses, Professionals and Individuals with a desire for relationship-driven financial solutions.
The bank had grown to include 13 financial centers, over 250 employees and over $1.5 billion in assets.
Financial Crisis of 2010
Bank of Florida was severely undercapitalized and seeking to raise capital in order to comply with FDIC orders.
Bank Failure
Bank of Florida was taken over and shut down by the FDIC on May 28, 2010. It was then sold with a loss-sharing agreement to EverBank, Jacksonville, FL.
References
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