Southeast Banking Corporation was a bank holding company based in Miami, Florida. On Friday, September 19, 1991, during the savings and loan crisis, Southeast failed and was seized by the Office of the Comptroller of the Currency. It was placed into the receivership of the Federal Deposit Insurance Corporation (FDIC), who sold almost all of Southeast's assets to First Union. The bank failure is notable since it is one of the first instances of the FDIC liquidating a bank using loss sharing provisions.[1] As a result of several mergers over the next two decades, most of what was once Southeast is now part of Wells Fargo.
History
Southeast was founded as the First National Bank of Miami on December 1, 1902. It was one of only two banks in Miami to survive the Great Depression. By 1946, it was the largest bank in Florida.[1]
In 1969, the bank changed its name to Southeast Bank. At that time, the bank was led by