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Eight Florida bank holding companies failed to make a scheduled dividend payment on preferred stock owned by the government as part of the Troubled Asset Relief Program on Nov. 15. Two of those banks are more than a year behind in payments, documents released by the U.S. Treasury show.
When the federal government approved TARP, the U.S. Treasury disbursed equity capital to several struggling banks across the country by purchasing shares of each bank's preferred stock. The value of those shares will not change over time, but banks will owe an annual dividend payment to the Treasury until the shares are bought back.
The banks are listed below with the total value of their noncurrent dividends, along with the total number of quarters for which payments have been deferred:
• First Community Bank Corp. of America — $267,100 (2)
• Florida Bank Group Inc. — $278,900 (1)
• FPB Bancorp Inc. — $290,000 (4)
• Marine Bank & Trust Co. ¬— $40,900 (1)
• Pinnacle Bank Holding Co. — $119,600 (2)
• Premier Bank Holding Co. — $388,300 (3)
• Regent Bancorp Inc. — $136,000 (1)
• Seacoast Banking Corp. of Florida — $4.4 million (7)
Source: SNL Financial
The eight delinquent banks originally borrowed roughly $103 million in TARP funds, according to the Wall Street Journal. Overall, 18 Florida banks received $223 million in TARP money.
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