Regulators Close Hamilton Bank
Federal regulators shut down Miami-based Hamilton Bank, a unit of Hamilton Bancorp Inc., saying it failed to comply with enforcement actions and saw its capital erode due to loan and operating losses.
Hamilton Bank, with about $1.3 billion in assets and $1.2 billion in deposits, specializes in financing trade deals among companies in the United States, Central America, the Caribbean and South America. It is the second-largest U.S. bank failure in 10 years, according to the Federal Deposit Insurance Corp.
The Office of the Comptroller of the Currency said Hamilton concealed information from examiners concerning major assets. The OCC first issued a safety and soundness notice about the bank in 1998.
Hamilton Bank, which also is under investigation by the Securities and Exchange Commission, has a lawsuit pending against the OCC charging that its bank examiners were prejudiced against Hispanics.
Calls to Hamilton Bank seeking comment were not returned.
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