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Byline: Jeff Ostrowski
Oct. 23--Marketplace Bank moved into Palm Beach County two years ago with ambitious plans to woo shoppers at grocery stores.
Its branches at Winn-Dixie Marketplace stores would offer a generous 5 percent interest on savings accounts. Theorizing that consumers wanted to buy milk and stocks in the same place, the bank even sold mutual funds.
Marketplace Bank expanded quickly, opening 181 of its "kiosks" in Florida. But there was a problem: Marketplace Bank hemorrhaged money, losing $44 million last year and $24 million the first half of this year.
Marketplace Bank's parent, Canadian Imperial Bank of Commerce, said …