Failed Bank List

Closed Friday, December 17, 2010 · Coral Gables, Miami-Dade County, Florida

The Bank of Miami, N.A.

The Bank of Miami, N.A.'s assets had shrunk 58% from their peak in the second quarter of 2004 by the last report before closing. Equity capital was below zero at its last report. In 2010 regulators closed 29 banks in Florida; this was the 29th.

On the books, 2002 to 2010

Total assets and equity capital each quarter before closing, and the estimated lossTotal assetsEquity capitalEstimated loss$0$300M$600M$900M$1.2B20032004200520062007200820092010Closed
Total assets peaked at $1.1 billion. Equity capital had covered 7.4% of assets in the fourth quarter of 2002. By then 21% of its loans were 90 days or more past due or no longer accruing interest. It reported a net loss in four of its final nine reporting years. The deepest annual loss, $47.9 million, was booked in 2009.
Net income in each reporting year before closing, with equity capital as a share of assets at year endNet income per yearEquity to assets at year end$60M−$60M2002: $6.6 million20027.4%2003: $13.7 million20038.3%2004: $15.4 million200410.0%2005: $11.0 million200511%2006: $3.7 million200614%2007: −$644 thousand200712%2008: −$35.0 million20089.9%2009: −$47.9 million20096.2%2010: −$26.7 million2010*neg.
* 2010: January to September only, the last report before closing.

Size against the other 2010 failures

Total assets of the 157 banks that failed in 2010, log scale$1M$10M$100M$1B$10B$100B
Total assets of each 2010 failure, log scale; The Bank of Miami in red.

By assets it ranked 49th of the 157 failures in 2010. Within Florida it ranks 36th by size of the 179 failures recorded since 1934. Across the failures of 2010, the median estimated loss came to 21% of assets. In the size ranking of that year, just above it was Security Savings Bank, F.S.B. of Olathe, Kansas ($453 million, loss 12% of assets); just below, New Century Bank of Chicago, Illinois ($447 million, loss 30% of assets). Every 2010 failure in the explorer.

Regulators closed six banks that day. The largest of the others was Chestatee State Bank of Dawsonville, Georgia, at $244 million.

Failures in Florida

The previous failure there was Gulf State Community Bank of Carrabelle, on November 19, 2010. The next was First Commercial Bank of Florida of Orlando, on January 7, 2011. Miami-Dade County has 36 failed banks on FDIC record since 1934. Closest in time: BankUnited, FSB (2009), Republic Federal Bank, N.A. (2009), Premier American Bank (2010), Metro Bank of Dade County (2010), Turnberry Bank (2010).

Bank failures in Florida per year, 1980 to 2026081624321980: 11982: 11984: 21985: 31986: 51987: 61988: 51989: 191990: 211991: 231992: 91993: 11999: 22002: 22004: 12008: 22009: 142010: 292011: 132012: 82013: 42014: 12015: 12020: 119801990200020102020
Per year since 1980, 2010 in red. Every Florida failure

The acquiring bank

1st United Bank of Boca Raton, Florida took over three failed banks between 2000 and 2026. The others:

FDIC certificate 19040 · loss estimate as of July 31, 2026 · How to read this page