Comptroller Seizes A Florida Trust Bank

WASHINGTON -- The Office of the Comptroller of the Currency said it has declared the Private Bank and Trust, Coral Gables, Fla., insolvent and has appointed the Federal Deposit Insurance Corp. as conservator.

The bank, chartered as a national trust company in 1986, had only $4 million in assets on Aug. 31, but as a trustee it had $90 million in assets under management. The Comptroller said an examination showed the bank had made many investments contrary to instructions or trust laws.

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