The Real Deal Miami

Real estate woes dog City National Bank

February 01, 2010 06:05PM

Bad commercial real estate loans and merger costs have battered Miami’s City National Bank of Florida, which posted a $9.5 million loss for 2009. The bank, which was sold to Caja Madrid in 2008 after posting increased loan losses, said it would have been profitable if not for the $18 million in expenses related to the sale. The bank was able to expand its branch network in 2009, opening five offices, including one each in Miami-Dade and Broward. It was obliged to set a $46 million loan loss reserve in 2009, and had its contributions to the Federal Deposit Insurance Fund increased by $6.2 million. Its fourth-quarter loss hit hardest, totaling $10.4 million. [Miami Herald]