The News-Press published a little article on page B-10 this morning about the amount of bank debt among local banks. It appears that some local banks have significant debt problems. The article compared local banks, and their non-accruing real estate debt, from the second quarter of 2008 to the second quarter of 2009. It's not pretty.
Lee County Banks
First Community Bank of Southwest Florida From: $3 mill To: $14.7 mill
Commerce Bank of Southwest Florida From: $1.6 mill To: $12.7 mill
Busey Bank, N.A. From: $ 14 mill To: $ 33.7 mill
Collier County Banks Highlights:
Hillcrest Bank of Florida From: $1.1 mill To: $21.7 mill
Liberty Bank From: $5.5 mill To: $15.5 mill
Bank of Naples From: $2.5 mill To: $7.5 mill
Royal Palm Bank of Florida From: $6.9 mill To: $19.7 mill
Bank of Florida Southwest From: $17.5 mil To: $ 83.7 mill
TIB Bank From: $19.5 mill To: $57.7 mill
Orion Bank From: $106.8 mill To: $210.4 mill
Florida Community Bank From: $102 mill To: $175.4 mill
These numbers are scary in and of themselves. Just imagine the lost revenue for the banks. How do they continue lending when they are not making ends meet themselves? It's not like there are companies beating down their doors to buy these loans at this time?
Even more interesting is the disparity between Lee and Collier Counties. Is it that more loans in Collier County are going into default? Or, are there less loans in Collier County with higher amounts defaulting?
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As Bank Debt Grows Modifications Slow !
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