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Robert Trigaux

New list: 42 Florida banks rated "zero star" and in serious financial trouble at mid-year




Wake up and good morning. Some troubled Florida banks will make this perilous economic journey but many others will not. (AP photo.)

Across Florida there are 42 "zero star" banks (the lowest rated, the unhealthiest, however you want to describe them), according to data just compiled by Bauer Financial. The message? The banking crisis brought on by a severe recession and collaped real estate bubble remains in full swing. Most of these 42 will not survive, history shows. Many will fail and fall into thet hands of teh FDIC, which will then auction off the remains. A few, like Old Harbor Bank (*still listed below as of June 30) in Clearwater, will be bought as a distressed asset (before they fail) by a healthier bank -- in Old Harbor's case, by the new owners of Community Bank & Co. in Lakewood Ranch (itself, currently a 3-star bank deemed "adequate).

Bauer Financial rates banks from "zero" up to 5 stars (healthiest). Here is a more detailed explanation. Compare this list to the 46 zero star rated Florida banks as of March 31, 2011 here.

Here are the 42 Florida-based banks with the worst "zero" star ranknings, according to Bauer Financial. Search Bauer's data base yourself here. There is a fee for certain additional information but the basic search is free. You can also search credit unions.

One observation: There are a vast number of zero-rated banks in the Florida Panhandle below, an ominous indicator of the underlying weakness of that portion of the state.

Zero star banks in Florida as of June 30. The five banks listed in bold are headquartered in the greater Tampa Bay area.

Anchor Commercial Bank: Juno Beach, FL

Bank of Commerce: Sarasota, FL

Bank of Coral Gables: Coral Gables, FL

Bank of Jackson County: Graceville, FL

Bank of Naples: Naples, FL

Beach Community Bank: Fort Walton Beach, FL

Centerbank of Jacksonville N.A.: Jacksonville, FL

Central Florida State Bank: Belleview, FL

Chipola Community Bank: Marianna, FL

Eurobank: Coral Gables, FL

Fidelity Bank of Florida N.A.: Merritt Island, FL

First City Bank of Florida: Fort Walton Beach, FL

First Community Bank of Southwest Florida: Fort Myers, FL

First East Side Savings Bank: Tamarac, FL

First Guaranty Bank & Trust of Jacksonville: Jacksonville, FL

First Home Bank: Seminole, FL

First National Bank of Crestview: Crestview, FL

First National Bank of Florida: Milton, FL

Flagler Bank: West Palm Beach, FL

Florida Bank: Tampa, FL

Florida Capital Bank N.A.: Jacksonville, FL

Friends Bank: New Smyrna Beach, FL

Great Florida Bank: Miami, FL

Gulf Coast Community Bank: Pensacola, FL

Gulfsouth Private Bank: Destin, FL

Heritage Bank of Florida: Lutz, FL

Heritage Bank of North Florida: Orange Park, FL

Home Federal Bank of Hollywood: Hallandale Beach, FL

Independent Bankers Bank of Florida: Lake Mary, FL

Legacy Bank of Florida: Boca Raton, FL

Ocean Bank: Miami, FL

Old Harbor Bank: Clearwater, FL*

OptimumBank: Plantation, FL

Premier Bank: Tallahassee, FL

Premier Community Bank of the Emerald Coast: Crestview, FL

Putnam State Bank: Palatka, FL

Reliance Bank FSB: Fort Myers, FL

Royal Palm Bank of Florida: Naples, FL

Security Bank N.A.: North Lauderdale, FL

Sunrise Bank: Cocoa Beach, FL

TransCapital Bank: Sunrise, FL

US Century Bank: Miami, FL

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

[Last modified: Friday, September 9, 2011 7:38am]


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