Banks Update 10/09/2009

Detective Krum

Questions have been sent that I must get out of the way first. American Founders Bank based in Lexington Kentucky – their rating is an (E) and the Bank of Bonifay in Bonifay Florida is rated (E-).  It appears the Bank of Bonifay may fail and soon so I would caution depositors, FDIC insurance will not cover deposits over $100,000 and the temporary increase of insured deposits at $250,000 could be a problem because FDIC reported it needs a bailout. For Bank of Bonifay customers, you might want to remove your money from that bank as soon as possible.

The projected outlook for Florida banks according to FDIC through the second quarter of 2009 is as follows:

Past-Due and Nonaccrual Loans / Total Loans (median %) 6.58

Noncurrent Loans / Total Loans (median %) 4.43

Net Loans to Assets (median %) 70.9

Largest Deposit Markets (from 2008 Summary of Deposits)

Miami-Fort Lauderdale-Miami Beach, FL
Tampa-St. Petersburg-Clearwater, FL
Jacksonville, FL
Orlando, FL
Sarasota-Bradenton-Venice, FL