Posted by Elliot S. Schlissel, Esq.
Regulatory agencies in Florida and Arizona have recently closed two banks. These two banks are the first banks that have been closed in the year 2011. The Federal Deposit Insurance Company was forced to take over the First Commercial Bank of Florida. This bank was located in Orlando. The Federal Deposit Insurance Company (FDIC) also took over the Legacy Bank located in Scottsdale Arizona. These two banks had approximately 275 million dollars in deposits belonging to consumers in their institutions. It is estimated that these banks will cost the FDIC approximately 110 million dollars. It should be noted that the FDIC insures each consumer’s account up to $250,000.00. Therefore, the depositors at the aforementioned banks will not lose any money, provided they didn’t have more than $50,000.00 at these banks.
Florida Has the Biggest Banking Crisis in the United States
In 2010, twenty-nine banks in Florida failed. Florida has had more bank failures than any other state. California and Illinois came in second and third in the list of states with bank failures. During the course of 2010, 157 banks failed nationwide. This is the highest amount of banks that has failed in the United States in recent history. In 2009, 140 banks failed in the United States. This had been the previous record year for bank failures.
In 2009, the FDIC paid our 36 billion dollars due to bank failures. In 2010, the FDIC paid out 21 Billion dollars due to bank failures. The numerous bank failures have been draining the FDIC of the funds it maintains to secure accounts deposited in the banks of the United States. It is estimated that there are almost 900 financial institutions with financial difficulties in the United States. Thank God for the FDIC! Without this Federally backed institution, hundreds of thousands of consumers would lose their life savings.
New York Foreclosure Defense Lawyers
The Law Offices of Schlissel DeCorpo represents homeowners in New York with foreclosure problems and issues involving mortgage modifications. Our office is adept at keeping our clients in their homes and preventing the banks from putting them on the street. We attend foreclosure conferences for our clients. We deal with defective foreclosure lawsuits, predatory lending issues, mortgage modification programs that don’t work as well as bad faith issues. If you have a problem involving a foreclosure or mortgage modification, we are the solution! Feel free to cal us at 1-800-344-6431, 516-561-6645 or 718-350-2802.
