CenTrust Bank Scandal

CenTrust, first called Dade Federal Savings and Loan, was founded in 1934 during the Great Depression and eventually became a stalwart of the South Florida business establishment. By the early 1980s, Miami had a corporate community that any city would envy. The companies were large and growing. They contributed mightily to local causes. They virtually invented a skyline where none existed as late as the early 1980s. CenTrust Bank and David Paul gave huge sums of money and much effort toward founding the New World Symphony in the 1980s. But the local corporate world was shaken badly at that time. In South Florida, home of fragile physical, social and economic climates, big business became an endangered species. Prominent in the downtown skyline were buildings built by financial institutions that had failed or were in serious trouble. By November 1983, CenTrust had losses of $500 million and was headed toward insolvency and federal takeover. David Paul,......

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Title: Centrust Bank
Approximate Word Count: 1245
Approximate Pages: 5 (250 words per double-spaced page)

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