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Venture

Robert Trigaux

Florida bank near Pensacola, 11th in state to fail this year, reflects Panhandle economic stress

12

September

fdicemblem.jpgWake up and good morning. A small Florida Panhandle bank in the town of Milton, not far from Pensacola, became the 11th bank to fail in Florida this year and the nation's 71st. Federal regulators late Friday afternoon shut down the troubled Milton-based First National Bank of Florida and brokered a purchase agreement that allows a Georgia-based bank to continue its operations. Here is the Pensacola News-Journal story and the FDIC's own press release on the event.

Only Georgia has more bank failures so far this year.

firstnationalbankmilton.jpgWhy do we care? First National in Milton (photo, right) was one of 42 "zero star" banks rated as the weakest in the state. With the Milton bank's failure and sale, there are now 41 Florida banks deemed severely troubled. Eight of those remaining 41 -- that's nearly 1 in 5 dud banks -- are based somewhere in the Florida Panhandle. That does not bode well for an economy in what Redneck Riviera locals now prefer well call "Florida's Great Northwest." In contrast, only five banks are zero rated as of June 30 in the greater Tampa Bay area that includes Sarasota.

Here's a chronological list, latest first, of the 11 Florida bank failures and their buyers in 2011: 

September
The First National Bank Of Florida, Milton, FL with approximately $296.8 million in total assets and $280.1 million in total deposits was closed. CharterBank, West Point, GA has agreed to assume all deposits.

August
Lydian Private Bank, Palm Beach, FL, including its division Virtual Bank, with approximately $1.70 billion in total assets and $1.24 billion in total deposits was closed. Sabadell United Bank, National Association (N.A.), Miami, FL has agreed to assume all deposits.

July
LandMark Bank of Florida, Sarasota
, FL with approximately $275.0 million in total assets and $246.7 million in total deposits was closed. American Momentum Bank, Tampa, FL has agreed to assume all deposits.

Southshore Community Bank, Apollo Beach, FL with approximately $46.3 million in total assets and $45.3 million in total deposits was closed. American Momentum Bank, Tampa, FL has agreed to assume all deposits.

First Peoples Bank, Port St. Lucie, FL with approximately $228.3 million in total assets and $209.7 million in total deposits was closed. Premier American Bank, N.A., Miami, FL has agreed to assume all deposits excluding certain brokered deposits.

June
First Commercial Bank of Tampa Bay, Tampa, FL with approximately $98.6 million in total assets and $92.6 million in total deposits was closed. Stonegate Bank, Fort Lauderdale, FL has agreed to assume all deposits excluding certain brokered deposits.

May
Coastal Bank, Cocoa Beach, FL with approximately $129.4 million in total assets and $123.9 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A., Miami, FL has agreed to assume all deposits.

April
Cortez Community Bank, Brooksville, FL with approximately $70.9 million in total assets and $61.4 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A., Miami, FL has agreed to assume all deposits excluding certain brokered deposits.

First National Bank of Central Florida, Winter Park, FL with approximately $352.0 million in total assets and $312.1 million in total deposits was closed. Florida Community Bank, a division of Premier American Bank, N.A., Miami, FL has agreed to assume all deposits excluding certain brokered deposits.

February
Sunshine State Community Bank, Port Orange, FL with approximately $125.5 million in total assets and $116.7 million in total deposits was closed. Premier American Bank, National Association, Miami, FL has agreed to assume all deposits. 

January
First Commercial Bank of Florida, Orlando, FL with approximately $598.5 million in total assets and $529.6 million in total deposits was closed. First Southern Bank, Boca Raton, FL has agreed to assume all deposits excluding certain brokered deposits.

-- Robert Trigaux, Business Columnist, St. Petersburg Times

 

[Last modified: Monday, September 12, 2011 8:41am]

    

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