Bay Cities Bank Tampa Florida

 

Where is the $10MM you took?

Bay Cities Bank Tampa Florida was founded in 1999.  The company took $10MM in bailout funds which still hasn’t been paid back.For some reason the are not on the problem bank list.

They have $622MM in assets with $56MM in equity.

The equity position is actually $46MM when the $10MM is bailout funds is backed out.

The problem loan situation in relation to the equity position is incredible.  The bank has $45MM in problem loans of which $32MM is non accrual.

The company has $45MM in bad loans with $45MM in equity.

This place is bankrupt

Why aren’t they shut down?

Why aren’t they at least on the problem bank list? I guess it is very competitive to become listed on the problem bank list in Florida.

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