With its economy in shambles, Florida would hardly seem like the place to start a bank these days.

Two banks failed there in November, and industry insiders say the Federal Deposit Insurance Corp. is so concerned about the possibility of more banks going under that it has stopped approving charter applications in the state, fearing the competition could weaken already troubled institutions.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.