Source: orlando.bizjournals.com
The Florida Office of Financial Regulation (OFR) in its end of June 2009 report to The Financial Services Commission has indicated that the number of institutions on the “Watch List” continues to increase.
For the first six months of 2009, a larger proportion of Florida’s financial institutions showed weakness when compared to 2008. Specifically, 33.3 percent of financial institutions representing 47.4 percent of total assets showed weaknesses and were on the OFR Watch List. These numbers have increased from 17.8 percent of institutions and 26.5 percent of assets when compared to 2008.
The Florida banks on the OFR Watch List have not been named in the report.
During the first six months of 2009, three Florida-based financial institutions failed. They were: Ocala National Bank on January 30th; Riverside Bank of the Gulf Coast on February 16th; and BankUnited FSB on May 21st.
Since the end of June, three more banks have failed. These are: Integrity Bank, which failed on July 31; and First State Bank and Community National Bank, both of which failed on August 7th. This brings the total number of bank failures to date in Florida to six.
In 2008, a total of two Florida banks failed. These were Freedom Bank and First Priority Bank.
The OFR also stated that, an increasing number of institutions are under administrative action. As of June 30, 2009, 173 institutions (51% of total institutions) are under formal or informal administrative action, up from 123 institutions one year ago.
Nationwide, 45 banks failed during the first six months of 2009 compared with a total of 25 in 2008.
The Florida Office of Financial Regulation end of June 2009 report can be found HERE
