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Betting on which Gulf Coast bank is going to fail next has become a grim sport for bankers.
In what is now known in banking circles as “FDIC Friday,” Florida bankers watch their computers on Friday evenings to find out which bank regulators shut down.
Regulators usually close banks on Friday afternoons to give the staff time to work through any problems over the weekend. The FDIC posts that information online Friday evenings.
Now that the Federal Deposit Insurance Corp. has opened a regional office in Jacksonville, bankers say they expect more Florida banks to be shut down between now and Christmas.
The latest string of closings started with a bang with the shutdown of Orion Bank on Nov. 13, the Gulf Coast's second-largest bank with nearly $2.7 billion in assets.
Regulators shut down Century Bank of Sarasota the same day, selling both institutions to IberiaBank of Lafayette, La.
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