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Tampa Bay-Lakeland
Business Observer Friday, Feb. 3, 2012 10 years ago

Florida banks lose $175M in '11

Despite the state's combined performance, Tampa Bay banks profited.

TAMPA -- Florida's commercial banks lost a combined $175 million in 2011, according to a new report issued by Saltmarsh, Cleaveland & Gund.

Despite the overall trend, however, two of the state's subregions managed to be profitable: banks in South Central Florida earned $5.4 million in profit, while Tampa Bay banks earned $12 million.

The strongest performers in the Tampa Bay market — from Lakeland to Venice, in Saltmarsh's report --¬†were CenterState Bank of Florida in Winter Haven, with $21.3 million in profits, and Clearwater's USAmeriBank, with $7.9 million in net income.

The region's biggest losers for the year were Florida Bank in Tampa, which lost $17.8 million, and Sarasota's Bank of Commerce, which posted $8.1 million in losses.

Every bank in the Naples-Marco Island submarket lost money in 2011, including the Royal Palm Bank of Florida, whose $2.8 million in losses represented a negative return on equity greater than 100%. Bank of Naples lost $5.6 million, for a -93% ROE.

The Southwest region's best performers were Charlotte State Bank & Trust, which earned $1.2 million in profits, and FineMark National Bank & Trust, which performed similarly.

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