OCC Appoints Receiver for The Bank of Miami, National Association

WASHINGTON — The Office of the Comptroller of the Currency (OCC) today appointed the Federal Deposit Insurance Corporation (FDIC) as receiver for The Bank of Miami, National Association, Coral Gables, Florida. As of September 30, 2010, the bank had approximately $448 million of total assets.

The OCC acted after finding that the bank had experienced substantial dissipation of assets and earnings due to unsafe and unsound practices. The OCC also found that the bank incurred losses that depleted its capital, the bank was critically undercapitalized, and there was no reasonable prospect that the bank would become adequately capitalized without Federal assistance.

The FDIC will release information about the resolution of the bank.