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The 10 most troubled banks in Florida

September 10, 2010
Fort Myers Beach Bulletin, Fort Myers Beach Observer

The Bartmann Bank Monitor Report evaluates the Florida banking system and offers consumer's tips on what to do if and when their local area bank fails next. As banks continue to close each Friday,the increasing number of bank failures has reached 122 with more than four months still left until the New Year, compared to a total of 140 in 2009, five in 2008 and only three in 2007.

The number of bank's on the FDIC's secret list of problem banks is now 808 more than double in the past 12 months.This is the highest rate of bank failure and troubled banks since 1992 the middle of the savings and loan crisis.

Florida is no exception.Twenty-two Florida banks have closed in 2010 at a cost of more than $2 billion to the FDIC Deposit Insurance Fund.Even worse, 64 banks remain on the Troubled List for Florida.Fourteen Florida banks were closed in 2009 and two were closed in 2008.Total losses are almost $9.4 billion.

The Bartmann Bank Monitor Report contains a comprehensive list of the bank failures, as well as those on the "Troubled List." Go to for more information.

Typically, banks that score poorly have some common characteristics undercapitalized and a high exposure to commercial real estate and development loans.Also, these banks tend to carry on their books significant volumes of foreclosed real estate and have a large number of loans that are behind in payments.

The Top Ten Most Troubled Banks in Florida are:

- Seacoast Banking Corp/ Stuart/ $2,138,217,000 in assets

- Progress Bank of Florida/ Tampa/ $125,690,000 in assets

- First Peoples Bank/ Port St. Lucie/ $252,760,000 in assets

- Haven Trust Bank/ Ponte Vedra Beach/ $164,430,000 in assets

- TIB Financial Corp/ Naples/ $1,475,444,000 in assets

- Horizon Bank/ Bradenton/ $199,930,000 in assets

- Wakulla Bank/ Crawfordville/ $467,880,000

- First Commerical Bank/ Orlando/ $668,770,000

- Bank of Miami/ Coral Gables/ $608,276,000

- Gulf Coast Community Bank/ Carrabelle/ $117,223,000

SOURCE: The Bartmann Bank Monitor Report.



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