Thursday, May 24, 2018
Business

A fourth of Florida banks still saddled with 'troubled' rating

Florida's banks are improving overall but a quarter of them are still pegged as problem institutions, third worst behind only Georgia and South Carolina, according to a new analysis.

The latest report from Coral Gables financial rating agency Bauer Financial shows 24.9 percent of Florida banks fall in the "troubled and problematic" category, three times worse than the national average of 7.6 percent. To be considered "troubled and problematic," a bank has to receive two stars or fewer on Bauer's five-star rating system.

Only 45 percent of banks statewide scored well enough in the third quarter to be recommended by Bauer, far shy of the 72 percent recommended rate for all banks nationwide.

Florida only has 15 zero-star banks left, down from 27 last year. However, that's largely because many of the worst banks fall off the list after they fail and their assets are sold to another institution.

Many of the more severely ailing institutions have been in the Panhandle. Tampa Bay has not had any zero star banks throughout this past year.

The relatively few recent one-star banks in the area — First Home Bank in Seminole, Florida Bank and Southern Commerce Bank — have all improved to two stars.

The latest report told a completely different tale for Florida's credit unions. About 84 percent of all credit unions statewide are recommended and a mere 1 percent are considered troubled and problematic.

Among the locally based banks and credit unions receiving five-star "superior" ratings: Central Bank of Tampa; Florida Traditions Bank in Dade City; Hillsboro Bank in Plant City; Jefferson Bank in Oldsmar; NorthStar Bank in Tampa; Raymond James Bank in St. Petersburg; TCM Bank in Tampa; Achieva Credit Union; City-County Employees Credit Union in Clearwater; Florida Central Credit Union; Florida Customs F.C.U.; Railroad and Industrial F.C.U.; St. Joseph's Hospital F.C.U.; Tampa Bay Federal Credit Union; Tampa Postal Federal Credit Union; and USF Federal Credit Union.

Bauer issues its report, in part, as a consumer guide. "While they may look alike on the outside, financial institutions can be worlds apart on their books," the company said in a statement accompanying the third-quarter release. "Know before you go."

For a full listing or specific bank and credit union ratings, go to www.bauerfinancial.com.

Jeff Harrington can be reached [email protected] or (727) 893-8242.

Comments
Behind the deal: $52 million boutique hotel coming to Ybor City started with cafe con leche at La Tropicana Cafe

Behind the deal: $52 million boutique hotel coming to Ybor City started with cafe con leche at La Tropicana Cafe

TAMPA ó Joe Capitano Sr. invested in the 1400 block of E Seventh Avenue in 1985, never doubting the huge potential of the property for Ybor City.But the deal to build a $52 million boutique hotel on the site didnít start to come together six years ag...
Updated: 7 minutes ago
Hooper: More than a restaurant, Lee Roy Selmonís was a meeting place

Hooper: More than a restaurant, Lee Roy Selmonís was a meeting place

Itís where former Tampa Bay Buccaneers quarterback Doug Williams had lunch with current Bucs quarterback Jameis Winston.Itís where University of South Florida fans often gathered to watch the programís biggest road games.Itís where folks showed up in...
Updated: 1 hour ago
An Amazon Echo recorded a familyís conversation, then sent it to a random person in their contacts, report says

An Amazon Echo recorded a familyís conversation, then sent it to a random person in their contacts, report says

A family in Portland, Oregon, received a nightmarish phone call two weeks ago."Unplug your Alexa devices right now," a voice on the other line said. "Youíre being hacked."Apparently, one of Amazon.comís Alexa-powered Echo devices in their house had s...
Updated: 1 hour ago
Tampa Electric to shut down Big Bend coal unit that killed 5

Tampa Electric to shut down Big Bend coal unit that killed 5

APOLLO BEACH ó Tampa Electric Co. is taking a big step away from coal. The Tampa-based utility is converting its coal-fired Unit 1 at its Big Bend Power Station to natural gas and retiring coal-fired Unit 2 in 2021.Five workers died in June 2017 afte...
Updated: 3 hours ago
As home sale prices rise, a lack of homes makes it tough on buyers

As home sale prices rise, a lack of homes makes it tough on buyers

Home sale prices continued to rise both nationally and statewide in April as a prolonged dearth of available homes on the market is making it tough on buyers. A total of 24,804 single-family homes changed hands across Florida last month, up 4.1 perce...
Updated: 4 hours ago
Brink: A 25-cent hike in the federal gas tax is a rotten idea for Florida

Brink: A 25-cent hike in the federal gas tax is a rotten idea for Florida

No matter your politics, the proposed 25-cent hike in the federal gas tax is a lousy idea.Itís regressive, burdening the poor and working class more than the rich.Federal interference with state transportation projects can raise costs, layer on regul...
Updated: 5 hours ago
Tutor looks to empower athletes in Wesley Chapel

Tutor looks to empower athletes in Wesley Chapel

Rashay Hudson operates a tutoring business in Wesley Chapel, and NaDorian Hudson has played basketball his entire life, including in college and the ABA. Now, the husband and wife duo are combining their areas of expertise with a new program for kids...
Updated: 6 hours ago
Bar builder finds solid success in Tampa

Bar builder finds solid success in Tampa

TAMPA ó Ever since he was a little boy, Chris Davenport loved to build things with Legos and erector sets. As he grew older, he spent time working with his dad, a carpenter, and then took welding classes in high school. While in college studying engi...
Updated: 6 hours ago
Metro Diner brings fare to South Tampa

Metro Diner brings fare to South Tampa

Metro Diner, having already established several locations across Florida, including St. Petersburg, now brings its large portion-sized comfort food options across the bay.The local diner is slated to open Tuesday (May 29) at 4011 W Kennedy Blvd and w...
Updated: 6 hours ago
Organic eatery closes doors to Davis Island site for more space

Organic eatery closes doors to Davis Island site for more space

Tasty Roots says goodbye to its current Davis Island location on Saturday (May 26) as it closes to prepare for the opening of a new location in the heart of South Tampa at 3415 W Bay to Bay Blvd.For the last three years, locals have flocked to Tasty ...
Updated: 7 hours ago