Banking Looking Up in Florida

According to Go Banking Rates, there were no banks in 2013 in Miami or South Florida that went under. The real estate sector boosted the banks in Broward, Palm Beach and Miami-Dade counties during 2013. As Richard Brown, the chief economist of the Federal Deposit Insurance Corp., said in an interview, “Things are getting better. The real estate market turned on a dime.”

The South Florida banks aren’t yet at the pre-recession levels, but they are definitely healthier than they were when Florida led the country in bank closings during 2010, according to Brown and FDIC spokesman David Barr.

Many banks including First Southern Bank, Doral Bank and others see a bright financial future. As Karen Dorway, president of Bauer Financial, told the Sun Sentinel, the number of bad loans that are held by South Florida banks continues to drop.