WASHINGTON -- The Federal Deposit Insurance Corp. paid $152 million Thursday to the parent company of the failed Southeast Bank, Miami.
The government repaid Southeast Banking Corp. a debt outstanding when the bank failed in September 1991.
The payment settles a claim made in a suit filed against the FDIC by Southeast Banking to recover assets held by the $10.2 billion-asset bank.
The company is still suing for control of the receivership and the funds remaining now that all creditors have been paid. The FDIC has estimated the figure at $27 million, but lawyers representing the parent company think the figure is higher.
'10 Times That Number'
"We have reason to believe it could be as high as 10 times that number," said Hilarie Bass, a lawyer with Greenberg, Traurig, Hoffman, Lipoff, Rosen & Quentel in Miami. "Whatever assets are remaining should ... go to the holding company."
In a separate lawsuit, the bankruptcy trustee for the holding company is accusing First Union Corp. of misusing confidential information to prod regulators to seize Southeast. First Union acquired the bank from the FDIC.