The Real Deal Miami

Real estate crash forces bank layoffs

June 30, 2008 08:40AM

Miami-based Ocean Bank laid off 104 employees Friday following mounting losses from bad loans. Benigno F. Aguirre, senior vice president of human resources; Mariano H. Fernandez, senior vice president of operations; and Luis A. Consuegra, in-house counsel were also “separated” from the bank, according to an internal memo. The bank lost $63.6 million in 2007, due largely to a high concentration of real-estate loans.