29 Florida banks earn most troubled ratings in quarterly review, with concentration in Panhandle
Wake up and good morning. The latest quarterly ratings of the health of Florida banks are out. The good news? There's not much change in the second quarter that ended June 30 from the earlier first quarter performance. The not so great news is that the lack of progress in the health of Florida banks essentially mirrors the larger state economy. We're mostly treading water at the moment.
Below are 29 Florida-based banks that were rated "zero star" -- the most troubled ranking on a scale of 5 stars -- by Bauer Financial, a third party bank rating company.
Five quick observations:
1. The number of zero star banks has changed little from the 30 reported in the first quarter that ended March 31, 2012. Here is that list.
2. Only one of the 29 banks listed below is based in the Tampa Bay market: Heritage Bank in Lutz.
3. The Florida Panhandle has a concentration of zero star banks (in Graceville, Destin, Fort Walton Beach, Marianna, Crestview, Pensacola), suggesting that part of the state is struggling more than might meet the casual eye.
4. The last bank listed below, US Century Bank in Miami, will be acquired by St. Petersburg-based C1 Bank, effectively doubling the size of C1. Read more here.
5. Several banks not headquartered in Florida but operating in the state also received zero star ratings. They are not listed below but can be found here on Bauer Financial's web site.
* Anchor Commercial Bank, Juno Beach
* Bank of Commerce, Sarasota
* Bank of Jackson County, Graceville
* Bank of Naples, Naples
* Beach Community Bank, Fort Walton Beach
* Chipola Community Bank, Marianna
* Columbia Bank, Lake City
* Fidelity Bank of Florida NA, Merritt Island
* First City Bank of Florida, Fort Walton Beach
* First Community Bank of Southwest Florida, Fort Myers
* First East Side Savings Bank, Tamarac
* First National Bank of Crestview, Crestview
* Florida Capital Bank NA, Jacksonville
* Friends Bank, New Smyrna Beach
* Great Florida Bank, Miami
* Gulf Coast Community Bank, Pensacola
* Gulfsouth Private Bank, Destin
* Heritage Bank of Florida, Lutz
* Heritage Bank of North Florida, Orange Park
* Home Federal Bank of Hollywood, Hallandale
* Independent Bankers Bank of Florida, Lake Mary
* Jacksonville Bank, Jacksonville
* Legacy Bank of Florida, Boca Raton
* Optimum Bank, Plantation
* Pinnacle Bank, Orange City
* Premier Bank, Tallahassee
* ProBank, Tallahassee
* TransCapital Bank, Sunrise
* US Century Bank, Miami
Read the entire rating list of Florida Banks here at Bauer Financial.
-- Robert Trigaux, Business Columnist, Tampa Bay Times