First Community Bank of America in Pinellas Park joined the roster of weakest banks in the Tampa Bay area, according to a third-quarter ranking released Tuesday by ratings agency Bauer Financial. The report covers financial results as of Sept. 30.
First Community joins a cluster of other local institutions already given zero stars in Bauer's five-star rating system: Old Harbor Bank in Clearwater, Southshore Community Bank in Apollo Beach, First Commercial Bank of Tampa Bay in Tampa, Southern Commerce Bank in Tampa, and Cortez Community Bank in Brooksville.
One previous "zero-star," Tampa-based Progress Bank of Florida, fell off the list because it was shut down by regulators in October and its assets sold to another Tampa institution, Bay Cities Bank.
Statewide, Bauer gives 45 of Florida's 256 banks a "zero-star" rating, which means they are "troubled and problematic" and "facing considerable challenges at this time."
Simultaneous with the bank update, Bauer also released ratings for credit unions. Only two of the 178 institutions received zero stars: Keys Federal Credit Union in Key West and SCORE Federal Credit Union in Tallahassee.