First City Bank Fort Walton Beach Florida

First City Bank Fort Walton Beach Florida was founded in 1945.  They have a well deserved place on the problem bank list.  The bank engaged in unsafe and unsound banking practices and committed violations of the law.  Also, management practices were detrimental to bank and jeopardized deposits.  The company also performed hazardous lending and were operating in violation of law.  Maybe this management team should be incarcerated?  The Texas ratio is 285% and climbing.

They have assets of $282MM and equity of $8MM.

The problem loan portfolio in relation to what is left of the equity base, is staggering.  They have $29MM in bad loans.

This bank is bankrupt.

They should be shut down.

Net income was ($7MM) in FY10, ($6MM) in FY09 and ($4MM) in FY08

The company forgot to post financial statements or tell you who the management team  is on the website.

I guess when you wipe out 188% of the equity, you may want to lay low.

The one thing they do have is 24 vacant lots for sale.

Do you have money in Last City Bank?

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