Southeast Banking Corporation
Encyclopedia
Southeast Banking Corporation was a holding company in Miami, Florida
, United States
, with two subsidiary banks, Southeast Bank N.A. in Miami (which was founded as First National Bank of Miami in 1902 and changed its name to Southeast Bank in 1969) and Southeast Bank of West Florida in Pensacola. It was liquidated in 1991 by the Federal Deposit Insurance Corporation
using a new procedure called "loss sharing".
First Union Corporation
, which took over the bank in liquidation, merged with Wachovia
in 2001 and is now part of Wells Fargo
.
Shares in Southeast Banking Corporation are over-the-counter
securities traded through pink sheets
.
Miami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, with two subsidiary banks, Southeast Bank N.A. in Miami (which was founded as First National Bank of Miami in 1902 and changed its name to Southeast Bank in 1969) and Southeast Bank of West Florida in Pensacola. It was liquidated in 1991 by the Federal Deposit Insurance Corporation
Federal Deposit Insurance Corporation
The Federal Deposit Insurance Corporation is a United States government corporation created by the Glass–Steagall Act of 1933. It provides deposit insurance, which guarantees the safety of deposits in member banks, currently up to $250,000 per depositor per bank. , the FDIC insures deposits at...
using a new procedure called "loss sharing".
First Union Corporation
First Union Corporation
First Union Corporation was a banking company providing commercial and retail banking services in eleven states in the eastern U.S. First Union also provided various other financial services, including mortgage banking, credit card, investment banking , investment advisory, home equity lending,...
, which took over the bank in liquidation, merged with Wachovia
Wachovia
Wachovia was a diversified financial services company based in Charlotte, North Carolina. Before its acquisition by Wells Fargo in 2008, Wachovia was the fourth-largest bank holding company in the United States based on total assets...
in 2001 and is now part of Wells Fargo
Wells Fargo
Wells Fargo & Company is an American multinational diversified financial services company with operations around the world. Wells Fargo is the fourth largest bank in the U.S. by assets and the largest bank by market capitalization. Wells Fargo is the second largest bank in deposits, home...
.
Shares in Southeast Banking Corporation are over-the-counter
Over-the-counter (finance)
Within the derivatives markets, many products are traded through exchanges. An exchange has the benefit of facilitating liquidity and also mitigates all credit risk concerning the default of a member of the exchange. Products traded on the exchange must be well standardised to transparent trading....
securities traded through pink sheets
Pink Sheets
OTC Markets Group, Inc., informally known as "Pink Sheets", is a private company that provides services to the U.S. over-the-counter securities market including electronic quotations, trading, messaging, and information platforms. According to the U.S. Securities and Exchange Commission, OTC...
.