More Florida Banks appear to be in trouble- 33 Florida banks to be exact and the list is here. It appears some Florida banks are teetering on the brink of collapse. I have taken a few minutes to update a few of the Florida banks I believe may fail and go into receivership soon. Remember, FDIC usually and I emphasize usually, waits until a Friday and goes in late on a Friday to close a bank. You may want to consider moving your money from our list of failing banks very soon.
Banks in real trouble in Florida. (Note: It appears that SunTrust Bank is still in a very weak position. SunTrust Bank runs advertising saying they are strong and secure but the numbers appear to reflect a very weak condition.
AmericanFirst Bank in Clermont, Florida
Bank of Bonifay in Bonifay, Florida
Bank of Florida in Ft. Lauderdale, Florida
Bank of Florida in Naples, Florida
Bank of Florida in Tampa, Florida
Bank of Miami in Coral Gables, Florida
Bayside Savings Bank in Port St. Joe, Florida
Coastal Community Bank in Panama City, Florida
Community National Bank in Bartow, Florida
First Bank in Jacksonville, Florida
First Capital Bank in Marianna, Florida
First City Bank in Ft. Walton Beach, Florida
First Federal Bank in Palatka, Florida
First Guaranty Bank & Trust in Jacksonville, Florida
First Peoples Bank in Port St. Lucie, Florida
First Capital Bank in Jacksonville, Florida
Gulf State Community Bank in Carrabelle, Florida
Haven Trust Bank in Ponte Vedra Beach, Florida
Horizon Bank in Bradenton, Florida
Independent Bankers Bank in Lake Mary, Florida
Independent National Bank in Ocala, Florida
Landmark Bank in Sarasota, Florida
Metro Bank in Miami, Florida (very likely to close real soon)
Oceanside Bank in Jacksonville Beach, Florida
Old Harbor Bank in Clearwater, Florida
Patriot Bank in Trinity, Florida
Premier Bank in Tallahassee, Florida
Putnam State Bank in Palatka, Florida
Riverside National Bank in Ft. Pierce, Florida
SouthBank in Palm Beach Gardens, Florida
Southshore Community Bank in Apollo Beach, Florida
Sunrise Bank in Cocoa Beach, Florida
Sunshine State Community Bank in Port Orange, Florida
TIB Bank in Naples, Florida
Tumberry Bank in Aventura, Florida (Likely to fail very soon)
Wakulla Bank in Crawfordville, Florida
Disclaimer: This post reflecting banks appearing to be in financial trouble does not assume these banks will fail however, in our opinion these banks have a strong possibility of failing and you should seek legal counsel before making a decision regarding any of our posts.
The latest report from Weiss Group ( see here) shows 20 of the largest banks in America could fail. The ratings for these banks appear very weak. One might ask, “What did the banks do with their bailout money?” Evidence reflects they may have used taxpayer bailout money to invest and profit take for their bank and/or possibly CEOs while raising credit card interest rates and stiffening loan qualifications for the taxpayers who bailed them out.
Don’t get me wrong. Is it a bad thing to require loan applicants prove they have the money, credit rating and income to pay for a mortgage on a property? I say no, it is not wrong. When customers with good credit scores, good payment history and solid performance have to pay the way for credit weasels through higher interest rates and
when banks profit through investing using taxpayer funds, ya gotta love the federal reserve system.
Clearly the international bankers profit taking is not and I repeat not because of the free market system, it is the federal reserve system. The Federal Reserve is not a government agency yet it does business with the federal government. Congress has the authority to coin money through the US Treasury so why have the Federal Reserve? Why have a bunch of international bankers fix our money issues causing inflation, deflation and recessions?
Bank failures bring federal agencies into play including FDIC where deposits are insured up to $100,000. Any depositor with over $100,000 in one account will lose the difference. Two more banks failed on Friday September 18, 2009 Irwin Union Bank of Louisville, Kentucky and Irwin Union Bank & Trust of Columbus, Indiana which had an (E) rating on the scale (A) the best and (E) the worst.
Insurance companies are regulated mainly by state regulators. When an insurance company fails, the state insurance commissioner becomes the CEO of the failed insurance company. State insurance commissioners are elected by the people. In the current economic condition, you may want to rethink how you vote for insurance commissioners.
Below is a list of insurance companies which are considered very weak and investors are suggesting you sell your investments in the following insurance companies:
|Alabama Life Reins||SELL||E+|
|American Century Life||SELL||E|
|American Home Life||SELL||E|
|American Life & Annuity||SELL||E|
|Cass County Life||SELL||E|
|Continental Life of SC||SELL||E|
|Destiny Health Ins||SELL||E+|
|Directors Life Asr||SELL||E|
|First American Life Ins||SELL||E+|
|Great Republic Life||SELL||E+|
|La Cruz Azul de Puerto Rico||SELL||E-|
|Mulhearn Protective Ins||SELL||E|
|NetCare Life & Health Ins||SELL||E|
|North America Life of TX||SELL||E|
|Provident American Ins||SELL||E+|
|Rhodes Life of LA||SELL||E|
|Senior American Life||SELL||E+|
|Southern Security Life||SELL||E+|
|Texas International Life||SELL||E+|
|Texas Memorial Life Ins||SELL||E-|
We continue to list weak banks from around the country (America). Please read our disclaimer from our previous weak banks lists.
There are nearly 400 banks considered very weak around the country and recommendations have been made by some to sell all holdings in the weak banks to save potential headaches and fortune losses. Remember, FDIC is back to $100,000 of insurance so if you have over $100,000 in a bank account, you can loose your money over $100,000.
Here is a list of Arkansas weak banks:
|Legacy National Bank||SELL||E+|
|Southern Bank of Commerce||SELL||E-|
Alaska does NOT have any weak banks.
Connecticut has these weak banks:
|Castle Bank & Trust||SELL||E+|
|Darien Rowayton Bank||SELL||E-|
Hawaii and Idaho do not have any weak banks.
Louisiana has the following weak banks.
|Central Progressive Bank||SELL||E|
We will look at connections to these weak banks in future posts.