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Business Observer Wednesday, Dec. 21, 2011 8 years ago

Three Old Harbor offices closed

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Acquirer 1st United Bank is dropping three of the bank's seven locations.

CLEARWATER -- Three former Old Harbor Bank branches will be abandoned by 1st United Bank, which acquired the failed Clearwater bank in October.

The three branches slated for closure are located in Clearwater, Trinity Town Center, and Bellair Bluffs, according to multiple outlets.

When 1st United acquired Old Harbor in a deal with the Federal Deposit Insurance Corp. in October, it also obtained limited options for the purchase of any former Old Harbor facilities. Last week, 1st United explained its plan of action to the Securities and Exchange Commission in an 8-K filing.

According to the filing, 1st United will purchase two of Old Harbor's former branch locations, and assume the leases of two others. The other three branches “will not be assumed or acquired,” the filing says; the Coral Gables-based bank instead “anticipates servicing the customers from retained branch locations.”

Old Harbor's closure cost the FDIC $39.3 million, the federal insurance unit estimated. As of June 30, the bank formerly headquartered in Clearwater had more than $200 million in assets.

In July, shareholders at Lakewood Ranch-based Community Bank were preparing to invest $25 million in Old Harbor, but called the deal off in August.

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