September 1, 2014

Report: Florida's Banks and TARP

Take It or Leave It?: Time will tell which banks made the right choice in seeking TARP funds -- or avoiding them.

Mike Vogel | 7/1/2009

Tarp in Florida

Past Due*
Loans
Foreclosed Real
Estate (bank-owned)
Bank Headquarters
Q1 2009 (millions)
% Change
from Q4 2008
Q1 2009 (millions)
% Change
from Q4 2008
TARP Money / Uses Bauer Rating**
Seacoast National Bank Stuart $109.4
+25.8%
$12.7
+152%
$50 million, 12/2008 — efforts to obtain comment unsuccessful
First Community Bank of America Pinellas Park $13.6
+3.4%
$3
+97%
$10.69 million, 12/2008 — grow lending and cover losses
Alarion Bank Ocala $.507
-55%
$.329
NA
$6.51 million, ½009 — efforts to obtain comment unsuccessful
Seaside National Bank & Trust Orlando $3.3
+46.7%
None $5.68 million, ½009 — increase lending
First Southern
Bank
1 Boca Raton
$6.1
-59.2%
$7.5
+8,417%
$10.9 million, ½009 — would not comment    ½
CenterState Banks of Florida2 Davenport $20.8
+4.8%
$11.9
+164.9%
$27.88 million, 1½008 — boost capital cushion, modifiy existing mortgages, buy mortgage-backed securities, increase assets
Community Bank Destin Destin None
N/A
$2.6
-4.2%
$1.05 million, 2/2009 — holding company bought non-performing assets, continue growth Too new to be rated
Bay Cities Bank Tampa $19.2
+53.7%
$3.2 0% $9.5 million, 2/2009 — efforts to obtain comment unsuccessful
Highlands Independent Bank Sebring $10.4
+69.4%
$.988
+110%
$6.7 million, 4/2009 — expand lending and potentially acquire or develop branches
Marine Bank & Trust Vero Beach $2.7
-.9%
None $3 million, 3/2009 — grow loan portfolio and asset base    ½
Pinnacle Bank Orange City $4.1
+103%
$.350
-5.9%
$4.39 million, 3/2009 — additional safety capital and lending
Regent Bank Davie $15.3
+74.2%
$1.4
+121%
$10 million, 3/2009 — capital cushion in the event the recession continues    ½
1st United Bank Boca Raton $9.0
+5.7%
None $10 million, 3/2009 — boost lending and excess capital to draw on if loan demand improves
Premier Bank Tallahassee $11
+11.2%
$5.4
+50.6%
$9.5 million, 3/2009 — step up lending and expedite removal of problem loans
Bank of Naples Naples $ 7.4
+191%
$2
+4.9%
$4 million, 3/2009 — would not comment
CBC National Bank dba First National Bank of Nassau County Fernandina Beach N/A N/A $9.95 million, 12/2008 — increase loan loss reserves and mortgage lending, to $319 million in the first four months of 2009 from $148.3 million a year earlier
First Peoples Bank Port St. Lucie $11.3
+9%
$3.9
+127%
$5.8 million, 12/2008 — boost lending and set aside capital to sustain losses on loans
TIB Bank Naples $45.3
+15.2%
$4.9
+13.8%
$37 million, 12/2008 — continue lending and acquire the branches and deposits of failed Riverside Bank of the Gulf Coast
* Non-accrual past due loans; borrower is 90 days behind on principal and interest, bank must set aside loan loss reserves ** Bauer Rating is based on a financial institution’s financial strength. Notes: In all cases, bank holding companies for these banks actually received the money. 1 First Southern announced in May it planned to get a $450 million capital infusion from Fortress Investment Group and two other private equity firms. 2 Bauer rating applies to CenterState Bank in Winter Haven, not its sibling banks. Source for past-due loan and foreclosed real estate information: Saltmarsh, Cleaveland & Gund, CPA

Tags: Banking & Finance

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