FDIC Shuts Down Tampa Bank
The Federal Deposit Insurance Corp. has issued a cease-and-desist
order against First Commercial Bank of Tampa Bay and two other Florida
banks, setting strict deadlines for the Tampa bank to turn around its
operations.
In its order, the FDIC said it had reason to believe First Commercial
"had engaged in unsafe or unsound banking practices and had committed
violations of law and/or regulations." Among other charges, regulators
said the bank was operating with inadequate board supervision,
inadequate capital, a large volume of poor quality loans, inadequate
oversight of its loan portfolio, and lax underwriting and weak lending
procedures.
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