Fidelity Bank of Florida Merritt Island Florida

Fidelity Bank of Florida, Merritt Island Florida was founded in 1997.  The company is on the problem bank list.  Does this place have problems.  The Texas ratio is 164%.

Assets are $375MM with equity of $14MM.

Get a load of the problem loan portfolio, it is incredible.  They have $79MM in problem loans.

Hold on, they have $79MM in problem loans with only $14MM in equity?

This thing is bankrupt.

This place need to be closed down.

Where the regulators? Even those clowns can see this thing is insolvent.

Not only is this place good at making bad loans, they are great at losing money.

Net income was ($3MM) in FY10 ($7MM) in FY09 and ($8MM) in FY08.  They lost another ($1MM) in Q1 2011.

Hold on, they lost another $1.9MM in Q2.

For some reason, they won’t tell you who the CEO is on the website.

If I wiped out 200% of the equity in 3 years, I would be in hiding also.

The only thing the website has is all the vacant land they have for sale, not a good sign.

Do you keep money in this bankrupt place?

Fidelity is one thing this place is not.

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