The Real Deal Miami

Real estate loans sink state’s banks

June 12, 2009 03:47PM

Though banks nationwide are struggling, Florida banks have been particularly troubled during the recession because the state’s economy is so driven by real estate. Florida banks’ portfolios have a heavier concentration of construction, land development and commercial real estate loans than U.S. banks overall. BankUnited, which faces a federal regulatory order to merge or sell, is the state’s most troubled bank.