As this bank lowered the amount of troubled loans it had on its books, Bank of Miami cut down its losses in the fourth quarter. As noted by its Federal Financial Institutions Examination Council filings, the Coral Gables-based bank has unfortunately lost $3.4 million during its fourth quarter. This was certainly better in comparison to the $29.4 million they lost during the previous quarter.
Because of Congress’s changing of the law last year, Miami bank took advantage of a $10.2 million tax rebate during the fourth quarter. This new law lets some companies to get refunds. This is only if they loose money in 2009 and from taxes paid up to five years ago.
British Virgin Islands-based Granvalor Holdings which happens to be the parent company of Bank of Miami, has just said it added $2.3 million into the bank in the fourth quarter. Earlier that same year, $11.7 million in capital additions was added to the bank. The bank lost $35 million in the year 2008 so those amounts helped to lessen the the pain of the bank’s huge loss in 2009 in the sum of $38.6 million.
