The Real Deal Miami

Palm Beach bank collapse is nation’s biggest in August

September 06, 2011 04:42PM

The largest bank to collapse nationwide in August was the Lydian Private Bank, a thrift based in Palm Beach, according to data from Trepp. Florida now ranks second for banking failures, with 10 so far this year.
Seven U.S. banks failed in August overall, down from a record high of 13 in July. The count is now 68 failures this year. Commercial real estate exposure was the main driver behind problem loans at the collapsed banks, Trepp said, with commercial real estate loans comprising $257 million of the total $456 million in non-performing loans. Residential real estate loans were also a factor, accounting for $137 million in non-performing loans. — Katherine Clarke