Fidelity Bank of Florida Merritt island Florida

This disaster has $55,000,000 in junk loans with only $17,000,000 in equity

This piece on sh$$t is bankrupt

Do you have money in this disaster?

Fidelity Bank of Florida Merritt Island Florida was founded in 1990.  The company is on the problem bank list, that may be why the Texas ratio is 156%.

They are also on the list of under capitalized banks.  You may as well put them on the insolvent bank list, while you are at it.

They have assets of $378MM and equity of $14MM.

The problem loan portfolio in relation to the equity position is staggering.  They have $70MM in problem loans with $58MM on non accrual.

So, they have $70MM in problem loans supported by $14MM in equity.

This disaster is beyond insolvent.

Why haven’t they been shut down, maybe because the FDIC is insolvent.

Net income was ($7MM) in FY10, ($7MM) in FY09, they also lost another $3MM in Q1 2011.

It shouldn’t be long before the equity position is washed out with the tide.

For some reason the don’t post the financial statements or tell you who the management team is on the website.

“Fidelity” would you trust this place with your money.

It is scary when the only relevant information on the website is the real estate they have for sale.

Any predictions when this thing is bankrupt?

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2 Responses to “Fidelity Bank of Florida Merritt island Florida”

  1. Monty Says:

    I have a commercial loan with them, what’s going to happen?

    • capital2risk Says:

      It is hard to predict but they are probably trying to find a stronger bank to buy it, so hopefully you will be better off. You could also try to refinance it with a better bank.

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