and this drained all of that out of the Bank’s reserve that were meant to help meet with loan losses, while a bank is usually expected to compensate such losses with earnings. The earnings of the Bank of Miami were banged by a $6.1 million prerequisite to deposit more funds into its loan loss reserves, which completed the third quarter at $8.5 million.

The treasury roofed less than one-third of Bank of Miami’s disadvantaged loans due to nonaccrual.   The bank had a total of $30.3 million in total due to nonaccrual loans, which is nearly 5.67% of its loan assortment per reports on September 30, 2008. That is really up from $22.2 million or 3.77% on June 30, 2008.  The Bank of Miami had a contented $98.7 million in equity capital that will provide with a lot of resources to deal with any new problems of similar nature.

The bank also met with a huge decrease in size of its assets. The September inventory data reports a $698 million in assets, of which $380 million were deposits; and $535 million were from loans, which makes it down 12.8%, 17.8% and 6.5% down, respectively since June 30, 2008.

The Bank of Miami is not able to quiver its losses in the third quarter since it has been struggling through increased problematic loans.  This bank was previously known as the International Bank of Miami, which is actually the Coral Gables-based institution that was reported to be the 15th largest bank in South Florida with respect to ranking based on assets. They have lost approximately $3.6 million in the third quarter; however, this loss is a slight improvement from the $3.7 million loss, which the bank reported in the second quarter, per its income and asset data filing with the Federal Financial Institutions Examination Council.

"I want my money in a bank that appears to have a better reputation.” states Angelina Schwam of South Miami.  Such news is sufficient enough to have the monetarily challenged investor to think if this will be to stash money under the mattress!  Regardless of the performance of the market twist and rescue plans this situation is yet a distant cry from the Great Depression.