When the Office of the Comptroller of the Currency closed the Miami-based bank Jan. 11, the Miami-based bank had $130 million in potentially uninsured deposits held in 3,600 accounts. Israel Discount Bank of New York purchased 50% of the bank's cash assets and assumed all of the insured deposits. The FDIC, as receiver, retained the remaining assets for later disposition.
For the auction sale, the assets are packaged into 95 pools based on collateral type, geographic factors, obligor relationship and performance.
Israel Discount Bank is operating Hamilton Bank's three branches in the Doral submarket, 3750 NW 87th Ave; Brickell area, 1000 Brickell Ave.; and West Palm Beach, 2090 Palm Beach Lakes Blvd. Hamilton Bank's six other branches are permanently closed. The FDIC hasn't disclosed yet how the real estate at those six locations will be marketed.
Hamilton Bank had $1.3 billion in assets and $1.2 billion in deposits when it was shut down. Five FDIC-insured banks have failed this year, two in Florida. Hamilton Bank was the first to go under. Net First National Bank of Boca Raton was closed March 1.
Auction bid details are at www.firstfinancialnet.com.
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