| Industry | Banking |
|---|---|
| Founded | December 1, 1902 |
| Defunct | September 19, 1991 |
| Fate | Bank failure; assets acquired by First Union |
| Headquarters | Miami, Florida |
| Total assets | $10.5 billion |
| Footnotes / references [1] | |
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.