Florida Bank Tampa, Florida

Florida Bank Tampa, Florida was founded in1985.  The company took $20MM in tax payer funded bailout money, which it has neglected to pay back.  Then again, it hasn’t even made interest payments on these funds since 8/10.  For some reason, the company isn’t on the problem bank list. The Texas ratio is 86%.

The company has assets of $839MM with stated equity of $47MM.

Though the stated equity is $47MM, the $20MM is tax payer funded bailout money, which is actually debt not preferred stock.  The actual equity is $27MM.

The problem loan portfolio is immense.  They have $64MM in problem loans

So, they have $64MM in bad loans with $23MM in equity.

This bank is bankrupt.

Why haven’t they been closed down or at least put on the problem bank list?

This bank is also adept at losing money.  Net income was ($42MM) in FY10 and, ($15MM) in FY09.

They lost another in Q1 2011.

How are they  going to pay the tax payer the $20MM back? They can’t

At least the executives were taken care of.

Dale Reid             made   $280

Cindy Robbins made     $239K

That is good pay for destroying this company.


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