Coconut Grove Bank Miami Florida

Coconut Grove Bank Miami Florida was founded in 1962.  The company is on the problem bank list.  The Texas ratio is 65%.

They have $602MM in assets and $65MM in equity.

The problem loan portfolio is $32MM with $30MM on non accrual.

The $30MM in non accrual could easily wipe out 50% of the remaining equity position.

Net income was ($4MM) in FY10, ($6MM) in FY09.

They lost another pretax $4MM in Q1 FY11.

Check out the news section on the webite, there is none.

Here is some news, this thing is almost insolvent.

Things don’t look good in the coconut grove.

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