Five more banks failed this week and three of those banks were located in the great state of Florida. The Bank of Florida had three branches in Ft Lauderdale, Naples and Tampa Bay all shut down by the FDIC on Friday, bringing the total number of bank failures in 2010 to 78. Unlike other bank failures that are generally picked up by local brick and mortar banks, the assets and deposits of these three institutions were assumed by EverBank.
EverBank is headquartered in Jacksonville Florida and while they don’t have any brick and mortar banks available outside of Jacksonville, they assumed all assets of the three failed Bank of Florida institutions. $1.2 billion in deposits and $1.5 billion and total assets was accumulated from all three banks and in a very rare move, EverBank has decided to send representatives to the failed banks to continue service and day to day operations for an undisclosed amount of time.
Looking into EverBank’s Q1 earnings from this year, the bank is absolutely on fire. Earnings were almost 100% greater than that of Q1 2009 and with this move, they’ve become even more potent in the online banking world. Don’t expect EverBank to add more nationwide branches because they probably won’t be interested in expanding their brick and mortar business anytime soon. If you are currently a Bank of Florida account owner and would like transition to an EverBank online account, visit their official website at www.EverBank.com/BankofFlorida.
Moving right along, let’s take a look at the best money articles of the week.
Debt Consolidation: P2P Loan vs. 0% Balance Transfer @ Lending Club : In the good ole’ days when 0% balance transfers were free, that would have been the obvious choice but accepting a loan from sites like Lending Club and Prosper may now the be way to go when consolidating debt.
How To Cook Cheap Meals @ Frugal Dad: Not to brag, but I consider myself the master of cooking cheap meals. To clarify, they are cheap only in price, not in nutrition or quality.
Is Your Car Ruining Your Budget @ Fiscal Geek: A broken down car with a dishonest mechanic can kill any budget you’ve put in place. Do yourself a favor and save up for a quality vehicle while finding a trustworthy mechanic.
Wipe Out Excessive Spending on Toilet Paper @ MoneyNing: I’m all for frugal spending but there’s a line between frugal and madness and it starts with toilet paper. Double ply, super soft is the only way to live. (BTW, clever title David)
How Nintendo Wii Sports & Wii Fit Cut Down on Gym Membership Costs @ The Digerati Life: 15 years ago, I was hardcore addicted to Mega Man on Nintendo. I sweat more in the hours I played that game than at any other time of my life, so I can only imagine what would happen if I purchases a Nintendo Wii.
My Mom Stole My Identity @ Punch Debt in the Face: At what point do you tell your mother to stop using your credit cards? Probably when you find out!
3 Ways to Use Your Life Insurance Policy During Life @ My Dollar Plan: The absurdity! If I were in Congress, the first bill I would pass would be to change the term “life insurance” to “death insurance”. Makes so much more sense that way.
7 Unique Ways to Put a Retiree to Work @ Wealth Pilgrim: Retirement sounds like a lot of fun but for some, it can be very scary to not have something to do after 40+ years of work. Check out these great tips on how to put retiree’s to work. (If they want too of course)
And this past week, we also participated in the Money Hacks Carnival, Stock Carnival Ecstasy and the Kids and Money Carnival,
Published or updated September 21, 2011.
{ 2 comments… read them below or add one }
EverBank has four branches in the Jacsonville area. Those branches remained open since the merger with First Alliance Bank.
Thanks for the mention! And I love EverBank!