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Six Banks Seized By Regulators July 16

Regulators Close Failed BanksFriday is always doomsday for failing banks. That’s when regulators swoop in, seize their assets and sell them to new owners.

Six banks – three in Florida, two in South Carolina and one in Michigan – were seized and sold on July 16, bringing the total for the year to 96 failed banks.

They were:

Mainstreet Savings Bank, of Hastings, Mich., which was sold to Commercial Bank of Alma, Mich.

Olde Cypress Community Bank, of Clewiston, Fla., which was sold to CenterState Bank of Florida, which is based in Winter Haven.

Metro Bank of Dade County, Fla., Turnberry Bank, of Aventura, Fla., and First National Bank of the South, of Spartanburg, S.C., which were sold to NAFH National Bank of Miami. That’s a newly-chartered subsidiary of North American Financial Holdings, a company formed by former Bank of America and Morgan Stanley executives to buy failed banks.

Woodlands Bank, of Bluffton, S.C., which was sold to the Bank of the Ozarks, based in Little Rock, Ark.

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