Bardo by the Sea by Chad Alan Gibbs

Author:Chad Alan Gibbs
Language: eng
Format: epub
ISBN: 9780985716592
Publisher: Borne Back Books

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—DeFuniak Springs

Paralyzed by millions of dollars in risky loans, WalCo Bank was seized and closed Monday morning by banking regulators.

SunTrust Bank of Atlanta, Georgia, will assume WalCo Bank’s insured deposits, and its forty-seven offices will reopen Tuesday as SunTrust branches.

WalCo Bank becomes the nation's fourteenth bank failure of 2008 and the second in Florida.

The DeFuniak Springs bank suffered from the post-boom hangover facing several lending institutions throughout the country and Florida. Critics cite WalCo Bank’s officers and directors' failure to properly vet borrowers and their approval of aggressive expansions during a time when more vigilance was required.

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