Terrabank, a small Miami institution with just more than a quarter of a billion dollars in assets, is one of the more unusual stories in South Florida banking.
The bank got itself into trouble during the peak of the boom years in South Florida’s economy. Its principal regulator, the federal Office of the Comptroller of the Currency, slapped the bank with a cease-and-desist order in May 2006 and by September 2007, right when most banks were enjoying their most profitable quarter of the housing boom, nearly one in five of Terrabank’s loans were noncurrent.
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