Southeast Banking Corporation

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Southeast Banking Corporation
Industry Banking
Fate Bank failure; assets acquired by First Union
Founded December 1, 1902; 115 years ago (1902-12-01)
Defunct September 19, 1991; 26 years ago (1991-09-19)
Headquarters Miami, Florida
Total assets $10.5 billion
Footnotes / references
[1]

Southeast Banking Corporation was a bank holding company based in Miami, Florida that owned 2 banks. On Friday, September 19, 1991, during the savings and loan crisis, as a result of bank failure, the bank was shut down by the Office of the Comptroller of the Currency. It was placed into receivership and the Federal Deposit Insurance Corporation (FDIC) was named receiver. Almost all of the assets of the bank were sold to First Union. The bank failure is notable since it is the one of the first instances of the FDIC liquidating a bank using loss sharing provisions.[1]

History[edit]

The First National Bank of Miami was founded on December 1, 1902.[1]

It was one of only two banks in Florida to survive the Great Depression.[1]

By 1946, it was the largest bank in Florida.[1]

In 1969, the bank changed its name to Southeast Bank. At that time, the bank was led by Charles Zwick, former director of the Office of Management and Budget during the Presidency of Lyndon B. Johnson.[1]

In 1986, the bank was the 30th largest mortgage banker in the United States.[2]

In December 1988, the company acquired First Federal Savings and Loan Association of Jacksonville, an acquisition that turned out to be unprofitable.[1][3]

On Friday, September 19, 1991, during the savings and loan crisis, as a result of bank failure, the bank was shut down by the Office of the Comptroller of the Currency. It was placed into receivership and the Federal Deposit Insurance Corporation (FDIC) was named receiver. Almost all of the assets of the bank were sold to First Union.[1]

In 2017, the bankruptcy case was finally closed.[4]

References[edit]