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The most active banks that seek to buy failed institutions nationwide have been busy on the Gulf Coast.
To wit: The three lenders in the country that bid most often on shuttered banks since Jan. 1, 2009, according to an SNL Financial report, are Bank of the Ozarks, Centennial Bank and IberiaBank. Each of those lenders has entered the local market via a failed bank transaction with the Federal Deposit Insurance Corp.
Plus, the SNL list of top failed bank bidders, 18 in total that have made at least 10 separate offers, have an even deeper Sunshine State glow. Five of the top 10 won bids on the Gulf Coast, in addition to those first three, and another two on the total list are from Florida: Miami-based Bond Street Holdings and Davenport-based CenterState Banks Inc.
Here's a glance, based on data from SNL, a Charlottesville, Va.-based research firm, at how active and successful these banks are in the failed bank marketplace across the country:
• Little Rock, Ark.-based Bank of the Ozarks bid on 61 failed institutions from Jan. 1, 2009 through April 26 — the most bids in the country. The bank was a runner-up seven times and it won seven other bids. That includes a successful offer in September 2010 for Bradenton-based Horizon Bank;
• Centennial Bank, a subsidiary of Conway, Ark.-based Home BancShares, bid on failed banks 38 times. It won a bid for Lutz-based Heritage Bank of Florida in November.
• Lafayette, La.,-based IberiaBank, which acquired assets and deposits of Naples-based Orion Bank and Sarasota-based Century Bank in November 2009, has submitted 26 bids since 2009. It has been successful four times, SNL reports.
• St. Cloud, Minn.-based Stearns Bank has purchased eight failed banks in the last four years, out of 20 bids. Local failed bank acquisitions include Sarasota-based First State Bank and Venice-based National Bank of Sarasota County. It made those purchases summer 2009;
• Central Bank, based in Stillwater, Minn., has won six of 16 failed bank bids, including an offer for Fort Myers-based Commerce Bank of Southwest Florida in November 2009.
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