Lewis & Monroe, PLLC
Free One-Hour In-Office ConsultationsFree One-Hour In-Office Consultations

Florida bank parent company files for Chapter 7 bankruptcy

The Florida bank parent company, Sterling Bancgroup, filed for Chapter 7 bankruptcy earlier this month at a U.S. Bankruptcy Court in Fort Lauderdale, Florida.

Florida-based Sterling Bank itself closed down eight months ago, and the parent company is said to have filed for Chapter 7 in an attempt to slowly close down all of its operations. According to the bankruptcy filing, Sterling Bancgroup has between $1 million and $10 million in debt and approximately $100,000 to $500,000 in assets. A list of creditors was not made public during the filing.

After Sterling Bank closed eight months ago, the bank's $408 million in assets and deposits were given to Iberiabank in July. This failure was said to cost the Federal Deposit Insurance Corporation an estimated $45.5 million, and it is unknown whether the FDIC will be a creditor in Sterling Bancgroup's bankruptcy case.

Of course this business bankruptcy is making headlines with this filing, especially due to the fact that the parent company was a holding company for a bank. However, it should be noted that Sterling Bancgroup is just one of the many Florida companies that has found itself unable to financially keep up in a tough economy.

Sterling Bancgroup chose to file for Chapter 7 bankruptcy, which is one option for companies that have a sizeable amount of debt. Under this filing, the company will have to liquidate all qualified assets in order to pay back creditors. Once this is done the company will cease to exist, and its debt will also be gone.

Source: South Florida Business Journal, "Parent of failed Sterling Bank files Chapter 7," Brian Bandell, 7 March 2011

1 Comment

Excellent way of telling, and nice post to take information on the
topic of my presentation focus, which i am going to deliver in college.

Leave a comment
Comment Information
ABA Defending Liberty Pursuing Justice American Bankruptcy Institute The Florida Bar 1950 CFAWL Criminal Florida Association For Women Lawyers Orange County Bar Association
Email Us For a Response

Contact The Firm In Orlando, Florida

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Lewis & Monroe, PLLC

651 Rugby Street
Orlando, FL 32804

Phone: 407-917-4147
Fax: 407-246-0008
Map & Directions