April 25, 2024
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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 Bank1 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 | ||||
