Make us your home page


Robert Trigaux

New numbers: 47 Florida "zero star" banks are seriously troubled and in need of help



AmbulancesceneAP Florida banks are still struggling with dozens in need of emergency care. Forty-seven or 16.5 percent of banks based in Florida received a "zero" star -- the lowest  quality rating -- by bank-rating service Bauer Financial for the quarter ended Dec. 31, 2009. These ratings, just out at the Bauer Financial Web site, are the latest available and depict a further deterioration of banks in the state as the recession wears on. (Photo: AP)

Bauer rates banks from zero star (worst financial condition) up to five stars. Five stars means "superior" and are on Bauer Financial's recommendation list. Four stars is considered "good" and three stars is considered "fair. " Two stars means "adequate" while one star is considered "troubled." Zero star banks, says Bauer, face "considerable challenges at this time" and are most vulnerable to failing.

Of those 47, six zero star banks are based in the immediate Tampa Bay area. They are  Bank of Florida - Tampa Bay in Tampa; First Commercial Bank of Tampa Bay in Tampa; Old Harbor Bank in Clearwater; Progress Bank of Florida in Tampa; Southern Commerce Bank in Tampa, and Southshore Community Bank: Apollo Beach. (Horizon Bankof nearby Bradenton is also listed.)

Here is the complete list of 47 "zero" star banks -- out of a total of 286 banks rated by Bauer in the state -- as of Dec. 31:

American First Bank: Clermont, FL
Bank of Bonifay: Bonifay, FL
Bank of Florida - Southwest: Naples, FL
Bank of Florida - Southeast: Fort Lauderdale, FL
Bank of Florida - Tampa Bay: Tampa, FL
Bank of Miami N.A.: Coral Gables, FL
Bayside Savings Bank: Port St. Joe, FL
Coastal Bank: Merritt Island, FL
Coastal Community Bank: Panama City Beach, FL
Community National Bank At Bartow: Bartow, FL
First Bank of Jacksonville: Jacksonville, FL
First City Bank of Florida: Fort Walton Beach, FL
First Commercial Bank of Tampa Bay: Tampa, FL
First East Side Savings Bank: Tamarac, FL
First Federal Bank of North Florida: Palatka, FL
First Guaranty Bank & Trust of Jacksonville: Jacksonville, FL
First National Bank of Central Florida: Winter Park, FL
First National Bank of Florida: Milton, FL
First Peoples Bank: Port Saint Lucie, FL
Gulf State Community Bank: Carrabelle, FL
Haven Trust Bank of Florida: Ponte Vedra Beach, FL
Heritage Bank of North Florida: Orange Park, FL
Home Federal Bank of Hollywood: Hallandale Beach, FL
Horizon Bank: Bradenton, FL
Independent National Bank: Ocala, FL
Key West Bank: Key West, FL
Liberty Bank: Naples, FL
Metro Bank of Dade County: Miami, FL
Ocean Bank: Miami, FL
Oceanside Bank: Jacksonville Beach, FL
Old Harbor Bank: Clearwater, FL
Old Southern Bank: Orlando, FL
Olde Cypress Community Bank: Clewiston, FL
Peninsula Bank: Englewood, FL
Progress Bank of Florida: Tampa, FL
Putnam State Bank: Palatka, FL
Riverside National Bank of Florida: Fort Pierce, FL
Royal Palm Bank of Florida: Naples, FL
Security Bank N.A.: North Lauderdale, FL
Southern Commerce Bank N.A.: Tampa, FL
Southshore Community Bank: Apollo Beach, FL
Sterling Bank: Lantana, FL
Sunrise Bank: Cocoa Beach, FL
Sunshine State Community Bank: Port Orange, FL
Turnberry Bank: Aventura, FL
Union Credit Bank: Miami, FL
Wakulla Bank: Crawfordville, FL

-- Robert Trigaux, Times Business Columnist

[Last modified: Tuesday, June 1, 2010 11:27am]


Join the discussion: Click to view comments, add yours