Make us your home page

Florida Bank agrees to regulatory oversight

Federal regulators are reining in operations at financially troubled Florida Bank Group.

Florida Bank has $840 million in assets and operates eight branches in the bay area. It has 60 days to develop plans to strengthen board oversight, tighten and improve its lending requirements and strengthen credit-risk management practices.

The bank has agreed not to take on any additional debt, pay dividends or take out other capital for payments without approval of the Federal Reserve Bank of Atlanta. It has 10 days from the date of the agreement to either charge off or collect any assets that regulators have classified as a loss.

Florida Bank CEO Susan Martinez signed the agreement on March 1. Martinez could not be reached for comment on Tuesday.

Founded in 1985, Florida Bank was originally known as the Bank of St. Petersburg. It expanded throughout Tampa Bay as well as establishing locations in Sarasota, Jacksonville and Tallahassee. As of Dec. 31, it had 14 branches, holding $714 million in deposits.

In recent months, Bauer Financial, a bank ratings agency based in Coral Gables, has noted growing concerns over Florida Bank's financial health. In less than a year, the institution has steadily slipped from a three-star Bauer ranking (indicating "adequate") to a one-star rating (indicating "troubled") as of the quarter ended Dec. 31.

Last year, Florida Bank posted a $42 million net loss.

Regulatory oversight is viewed as one of the final steps to ward off a bank failure.

In 2010, more banks failed in the United States than in any year since 1992's savings-and-loan crisis. Florida led the way, accounting for 29 of the 157 FDIC-insured banks that failed. So far this year, two more Florida banks have failed.

Florida Bank agrees to regulatory oversight 03/08/11 [Last modified: Wednesday, March 9, 2011 12:53pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times


Join the discussion: Click to view comments, add yours

  1. In advertising, marketing diversity needs a boost in Tampa Bay, nationally


    TAMPA — Trimeka Benjamin was focused on a career in broadcast journalism when she entered Bethune-Cookman University.

    From left, Swim Digital marketing owner Trimeka Benjamin discusses the broad lack of diversity in advertising and marketing with 22 Squared copywriter Luke Sokolewicz, University of Tampa advertising/PR professor Jennifer Whelihan, Rumbo creative director George Zwierko and Nancy Vaughn of the White Book Agency. The group recently met at The Bunker in Ybor City.
  2. Tampa Club president seeks assessment fee from members


    TAMPA — The president of the Tampa Club said he asked members last month to pay an additional assessment fee to provide "additional revenue." However, Ron Licata said Friday that the downtown business group is not in a dire financial situation.

    Ron Licata, president of the Tampa Club in downtown Tampa. [Tampa Club]
  3. Under Republican health care bill, Florida must make up $7.5 billion


    If a Senate bill called the Better Care Reconciliation Act of 2017 becomes law, Florida's government would need to make up about $7.5 billion to maintain its current health care system. The bill, which is one of the Republican Party's long-promised answers to the Affordable Care Act imposes a cap on funding per enrollee …

    Florida would need to cover $7.5 billion to keep its health care program under the Republican-proposed Better Care Reconciliation Act of 2017.  [Times file photo]
  4. Amid U.S. real estate buying binge by foreign investors, Florida remains first choice

    Real Estate

    Foreign investment in U.S. residential real estate recently skyrocketed to a new high with nearly half of all foreign sales happening in Florida, California and Texas.

    A National Association of Realtors annual survey found record volume and activity by foreign buyers of U.S. real estate. Florida had the highest foreign investment activity, followed by California and Texas. [National Association of Realtors]
  5. Trigaux: Tampa Bay health care leaders wary of getting too far ahead in disruptive times


    Are attempts to repeal Obamacare dead for the foreseeable future? Might the Affordable Care Act (ACA), now in dire limbo, be revived? Will Medicaid coverage for the most in need be gutted? Can Republicans now in charge of the White House, Senate and House ever agree to deliver a substitute health care plan that people …

    Natalia Ricabal of Lutz, 12 years old, joined other pediatric cancer patients in Washington in July to urge Congress to protect Medicaid coverage that helped patients like Ricabal fight cancer. She was diagnosed with Ewing's sarcoma in 2013 and has undergone extensive treatments at BayCare's St. Joseph's Children's Hospital in Tampa. [Courtesy of BayCare]