The Office of the Comptroller of the Currency (OCC) has officially closed the $1.3 billion-in-assets Hamilton Bank, N.A. of Miami, FL, effective late Friday, January 11, 2002 and the FDIC named receiver. Israel Discount Bank of New York will assume all of the insured deposits at three branches-Doral, Brickell and West Palm Beach–roughly 50% of all the institutions insured deposits. Israel Discount Bank will also assume the insured transactional deposits (checking and savings etc.) of the remaining six branches, which are not due to reopen. The potentially uninsured deposits of approximately $130 million will not be absorbed by Israel Discount. Among the reasons the OCC gave for closure was the banks asset quality, poor earnings and capital levels. The OCC also claims that the bank concealed information from examiners regarding some ‘major assets’ and failed to comply with enforcement actions, among other items. Hamilton has been under the scrutiny of regulators lately and had been operating under a cease-and-desist order from the OCC since September 2000. The bank was also under investigation from the Securities and Exchange Commission (SEC) regarding its accounting procedures and its reserve accounts.
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