Florida’s Unemployment Rate Continues to Rise
As the national employment rate drops 1.8 percent, Florida’s sit at 12.3 percent. This is an increase from the 11.5 % rate we discussed previously on this blog.
The highest rate since 1970 and represents a little more than 1.1 million jobless out of a labor force of 9.2 million.
Florida residents are losing jobs in every industry. The nonagricultural sector has lost 4,000 jobs since February and 149,600 jobs since last year.
As for South Florida, Miami-Dade’s unemployment rate is up to 11.3% and Broward County’s is slightly lower at 10.6 percent.
Great Florida Bank Ordered to Raise Capital
In February, we mentioned Great Florida Bank of Miami’s winning a $33 million foreclosure judgment from Arden Park.
Days ago, the Miami bank was given 4 months by federal and state regulators to raise capital.
“According to the consent order filed on April 13 with the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation, the Miami Lakes-based bank (NASDAQ: GFLB) must have a Tier 1 leverage capital ratio of 8 percent and a total risk-based capital ratio of 12 percent in roughly six months. As of Dec. 31, Great Florida Bank had those ratios at 6.08 percent and 11.03 percent, respectively.”
If the bank is unable to raise the capital, it will be given another quarter to comply with the court’s order.
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