Application To Merge Community Bank & Company

Florida Office of Financial Regulation, Admin.

File No. 0828-FI-03/11

Petition to the Florida Office of Financial Regulation (OFR) for a public hearing on the Application to Merge Community Bank & Company Lakewood Ranch, Florida, and First Community Bank of America, Pinellas Park, Florida; Resulting Institution: Community Bank & Company. Includes Statement in Opposition, Motion for Designation as Party, and Notice of Intention to Appear. Download in PDF below

Gov. Scott: Share OFR Concerns with Florida Cabinet

Gov. Rick Scott

In a letter dated April 13, 2011 Florida Gov. Rick Scott thanked Neil Gillespie for contacting the Governor's office about changes to the Office of Financial Regulation. (ORF). Gov. Scott suggested I share my concerns with the Florida Cabinet about my recent experience with the Office of Financial Regulation (OFR). In a word, it was awful. Read my April 30, 2011 letter to the Florida Cabinet, Attorney General Pam Bondi, Chief Financial Officer Jeff Atwater, and Agriculture Commissioner Adam Putnam, in the PDF below.

Neil Gillespie letter to Florida Cabinet, re Gov. Scott
April 30, 2011, with Gov. Scott's letter to Gillespie
Gillespie letter to Florida Cabinet, re [...]
Adobe Acrobat document [383.6 KB]

Commissioner Putnam: Politics Should Have No Role Determining Future of Financial Institution

Florida Cabinet Member Adam H. Putnam, Commissioner, Florida Department of Agriculture and Consumer Services, responded to Neil Gillespie by letter of May 17, 2011. Commissioner Putnam agrees that politics have no role in determining the future of a financial institution and believes that consistent regulation of our state's financial institutions will provide for the growth and stability of sound community banks and thrifts. Please know that it remains of paramount importance to the Commissioner that Florida's financial institutions receive fair and equal treatment among regulators - whether State or Federal. Read Commissioner Putnam’s letter below in PDF. 

Letter of Adam H. Putnam, Commissioner, FDACS
to Neil J. Gillespie, May 17, 2011
Commissioner Adam Putnam FDACS reply May[...]
Adobe Acrobat document [447.3 KB]

Attorney General Pam Bondi Responds, Complaint Forwarded to Legal Staff For Review

Florida AG Pam Bondi

Attorney General Pam Bondi received Neil Gillespie’s correspondence regarding his experiences with the Florida Office of Financial Regulation (OFR). Attorney General Bondi responded May 24, 2011, and through Brandon Brooks expressed sorry for his difficulties, and forwarded his complaint to the Attorney General's legal staff for further review. Gillespie may also contact the OFR Inspector General. As the OFR is an agency under the direct authority of the Governor's Office, he may also wish to contact the Chief Inspector General for the State of Florida. Read the letter from Attorney General Pam Bondi below in PDF.

Letter of Attorney General Pam Bondi
to Neil J. Gillespie, May 24, 2011
Attorney General Pam Bondi reply May-24-[...]
Adobe Acrobat document [484.4 KB]

OFR Archive - Florida Office of Financial Regulation

Florida Office of Financial Regulation

The mission of the Florida Office of Financial Regulation is to protect the citizens of Florida by carrying out the banking, securities and financial laws of the state efficiently and effectively and to provide regulation of business that promotes the sound growth and development of Florida’s economy. Read more

Application to Merge Community Bank
Redacted Public Record, February 15, 2011
Application to Merge Community Bank, Feb[...]
Adobe Acrobat document [704.9 KB]
OFR Petition for Public Hearing, with exhibits
March 25, 2011 (with exhibits 1-32)
OFR Petition w exhibits, Mar-25-2011.pdf
Adobe Acrobat document [17.6 MB]
OFR Petition for Public Hearing
March 25, 2011 (no exhibits)
OFR Petition, Mar-25-2011.pdf
Adobe Acrobat document [141.1 KB]
Order Granting Hearing, March 31, 2011
Order granting hearing Admin File 0828-F[...]
Adobe Acrobat document [2.0 MB]
Notice of Hearing, April 4, 2011
Notice of Hearing Admin File 0828-FI-03-[...]
Adobe Acrobat document [48.8 KB]
Notice of Withdrawal of Petition for Public Hearing
April 14, 2011
Notice of Withdrawal, Admin File 0828-FI[...]
Adobe Acrobat document [574.9 KB]
Notice of Non-cooperation, Janet Anderson, OFR
Counsel for OFR, April 15, 2011
Notice of Non-Cooperation, Anderson, OFR[...]
Adobe Acrobat document [91.2 KB]

Consent Order, November 25, 2009

Consent Order, Community Bank of Manatee
FDIC-09-569b, November 11, 2009
Consent Order, Community Bank of Manatee[...]
Adobe Acrobat document [50.0 KB]

Application Process, Acquire Controlling Interest in Florida Financial Institution

Application To Obtain Controlling Interest in a Florida Financial Institution, Public Record, June 4, 2009
Application obtain a controlling interes[...]
Adobe Acrobat document [561.6 KB]
Interagency Biographical, Financial Report (Mr. Lima)
Redacted Public Record, June 15, 2009
Interagency Biographical and Financial R[...]
Adobe Acrobat document [723.6 KB]
Owens OnLine, Employment Report, Mr. Lima
Redacted Public Record, September 16, 2008
Owens OnLine, Employment Screening Repor[...]
Adobe Acrobat document [205.2 KB]
Wymoo International Investigation, Mr. Lima
Redacted Public Record, September 5, 2008
Wymoo International Investigation-redact[...]
Adobe Acrobat document [1.3 MB]

UPDATE: Grea Bevis, Director, DACS, Division of Licensing reports that the Wymoo International address in Jacksonville, Florida, which had been listed, is "bogus". The address, 4320 Deerwood Lake Pkwy, Suite 514, Jacksonville, FL 32216, is actually a rented mail box at a UPS Store owned by HJF PACK INC., Heath J. Freedman, President.

Joint Prehearing Stipulation, July 7, 2009
Joint Prehearing Stipulation Jul-09-2009[...]
Adobe Acrobat document [180.6 KB]
Report of Public Hearing, July 22, 2009
Report of Public Hearing Jul-22-2009.pdf
Adobe Acrobat document [1.1 MB]
Final Order of Approval, July 24, 2010
Final Order of Approval Jul-24-2009.pdf
Adobe Acrobat document [1'013.5 KB]

The Wymoo International report and other documents were provided March 8, 2011 by Josephine Schultz, Chief Counsel for the Office of Financial Regulation, via FedEx. Below is Ms. Schultz’s letter and shipping label. The documents were provided as redacted public records with no restriction on use.

Also attached is the records request to John G. Alcorn, Chief, Bureau of Bank Regulation, Office of Financial Regulation. OFR charged $58.60 for the records.

Public Records Request, Office of Financial Regulation
February 24, 2011
Payment $58.60 to John Alcorn OFR public[...]
Adobe Acrobat document [374.7 KB]
Public Records Provided, Josephine Schultz, Chief Counsel, OFR, March 8, 2011
Jo Schultz OFR Chief Counsel public reco[...]
Adobe Acrobat document [144.9 KB]

Investigative Reporting Workshop
American University
Washington, D.C.


Search for a bank here

In recent years, much of the traditional American media, in a drive to cut costs and maintain profits, has slashed its capacity to do investigative journalism. This has happened just as the forces of technology and globalization are combining to make government and powerful private institutions less transparent, and thus, less subject to public scrutiny and oversight. Read more

Community Bank of Manatee, Bank Tracker
Bank Tracker, June 30, 2009 - June 30, 2010
CBM Bank Tracker, June 30, 2009 - June 3[...]
Adobe Acrobat document [2.1 MB]

Critics: Judge with interest in bank shouldn't hear foreclosures
The Tampa Tribune
July 21, 2011
TAMPA -- A Hillsborough County judge seeking to tame a backlog of thousands of foreclosure lawsuits is raising questions from critics who wonder whether she should be hearing foreclosure cases at all.

Judge Martha J. Cook has an ownership interest in Community Bank, where her husband, William H. Sedgeman Jr., serves as chairman and chief executive, public documents show.
The bank, known formally as Community Bank of Manatee, has 17 locations throughout the Tampa Bay area. The bank has been hard-hit by the foreclosure crisis and has struggled to shed troubled assets.

Like most banks, Community Bank often finds itself as a plaintiff against homeowners in foreclosure cases.

"It's reasonable that a homeowner would fear they aren't going to get a fair hearing before her," said Mark Stopa, a foreclosure defense attorney. "There's no way I could go into court before her without thinking about this."

Stopa Law, letter to Judge Martha Cook
Re Disqualification, July 20, 2011
Adobe Acrobat document [95.6 KB]

Hearing on Bradenton bank set despite petitioner’s withdrawal
April 15, 2011

MANATEE -- State regulators will be there. Representatives of the Manatee County bank whose big move into Pinellas County has been challenged will be there. A taxpayer-funded bailiff will be there. But the person who asked for a hearing over Community Bank & Co.’s planned purchase of First Community Bank of America decided Thursday he doesn’t want the hearing after all.

Neil Gillespie, operator of a website called, requested the hearing on March 25. He claimed in his petition that the Florida Office of Financial Regulation had made numerous errors in its findings of fact regarding Community Bank’s acquisition. But Gillespie, an Ocala resident, withdrew his petition Thursday just hours before the scheduled 10 a.m. start today in a Manatee County courtroom. In his 20-page petition to withdraw, Gillespie expanded on claims he had made in his initial 18-page petition for the hearing. Read more


A withdrawal, but a hearing on bank purchase plan anyway Herald-Tribune
By John Hielscher
April 14, 2011

The public hearing will proceed today, but there might be no fireworks now that an opponent has backed off his challenge to the Community Bank & Co.-First Community Bank of America deal.

The Florida Office of Financial Regulation scheduled the hearing to take comments on Lakewood Ranch-based Community Bank's pending $10 million purchase of First Community.

But on Thursday, the Ocala man who sought the hearing withdrew his petition, saying the merger "is a foregone conclusion."

OFR spokeswoman Flora Beal said it was too late to stop the hearing, with no time for the required cancellation notice, and OFR staff was already headed to Bradenton.

So it will still be held at 10 a.m. in Courtroom 8B of the Manatee County Judicial Center.

Whether petitioner Neil J. Gillespie will appear is unknown. He was denied "party" status for the hearing, but like anyone would be given time to speak.

OFR Commissioner Thomas Cardwell signed off on Gillespie's request for the hearing in late March. Gillespie's petition "for the purpose of accepting public comment meets the requirements for approval" under state rules, Cardwell said in his order. Read more


Regulators set public hearing on Community Bank & Co., First Community Bank of America merger
Tampa Bay Business Journal
by Margie Manning
April 13, 2011

The Florida Office of Financial Regulation has taken the somewhat unusual step of scheduling a public hearing on the planned acquisition of First Community Bank of America by Community Bank & Co.

The hearing will be at 10 a.m. April 15 at the Manatee County Judicial Center in Bradenton.

It comes on the heels of an April 11 special meeting of shareholders of First Community Bank Corp. of America (NASDAQ: FCFL), who voted to dissolve the Pinellas Park-based company after the bank acquisition is finalized.

The hearing was requested in a petition filed by Neil Gillespie, who described himself as a former customer of Community Bank, which changed its name earlier this year from Community Bank of Manatee. Read more


Public hearing set over Manatee bank's planned purchase of another bank
By John Hielscher
April 13, 2011

The Florida Office of Financial Regulation will hold a public hearing Friday in Bradenton on Community Bank & Co.'s proposed $10 million purchase of Florida Community Bank of America. The OFR agreed to the hearing after being petitioned by a former Community Bank customer who is challenging the deal on numerous grounds.

CBM Florida Holding Co., the parent of Lakewood Ranch-based Community Bank, agreed in February to acquire First Community Bank, a struggling 11-office, $470-million-asset bank in Pinellas Park. If the deal goes through, CBM will inject $20 million in fresh capital into the merged bank to retain its well-capitalized status. Community Bank chairman and chief executive Bill Sedgeman declined Wednesday to comment on the hearing or the ex-customer's opposition to the deal.

OFR spokeswoman Flora Beal said such hearings are requested occasionally. "They are neither common nor uncommon," Beal said. The hearing will begin at 10 a.m. in courtroom 8B of the Manatee County Judicial Center. Neil J. Gillespie of Ocala, describing himself as a former Community Bank customer, filed an 18-page petition objecting to the deal. Read more


Community Bank FDIC consent order lifted
April 2, 2011

MANATEE -- The FDIC Friday lifted the consent order that Community Bank & Co. had been operating under since November 2009. That was good news for bank officials who have worked hard to increase capitalization and raise new capital. "This is yet another positive development for Community Bank," said Chairman and Chief Executive Officer Bill Sedgeman.

The state’s Office of Financial Regulation had previously lifted its consent order in November.
The Lakewood Ranch bank received a three-star rating in the March rankings by Bauer Financial. The highest ranking of financial health of banks is five stars.

Community Bank was upgraded from a two-star to a three-star in the second quarter of 2010 after the bank raised $1.7 million in new capital. In the third quarter, it added an additional $7 million. "Community Bank is a highly capitalized and profitable bank and we are excited about all the positive signs we are seeing in the marketplace," said bank Director Trevor Burgess.

The bank, which is acquiring First Community Bank of America based in Pinellas Park, plans to open a sixth branch this month on Beach Drive in St. Petersburg. Community Bank has approximately $275 million in assets among its six branches in Manatee and Hillsborough counties. Read more


Bank merger gains steam
Tampa Bay Business Journal
by Margie Manning
April 1, 2011

There’s been a lot more dire news about regulatory orders involving banks than positive developments lately.

But here’s a bit of news that could put some momentum into CBM Florida Holding Co.’s plan to buy First Community Bank of America for $10 million. The Federal Deposit Insurance Corp. lifted a regulatory order that CBM’s subsidiary, Community Bank & Co., has been operating under for more than a year.

The FDIC and the Florida Office of Financial Regulation issued consent orders against the institution, then called Community Bank of Manatee, in November 2009, requiring the bank to boost capital and improve banking practices. State regulators terminated their interest in the consent order one year later, a press statement from Community Bank said.

Community Bank has fared far better than did Peninsula Bank, an Englewood institution that signed a consent order with the state and FDIC at the same time as Community Bank. Peninsula failed in June and was acquired by Premier American Bank.

Community Bank, headquartered in Lakewood Ranch and with $276 million in assets as of Dec. 31, plans to buy the larger First Community Bank of America, a Pinellas Park-based institution with $470.6 million in assets, creating an institution with 17 branches across Hillsborough, Pinellas, Manatee, Pasco and Charlotte counties.

Shareholders of parent company First Community Bank Corporation of America (NASDAQ: FCFL) are set to vote on the deal April 11. Read more


Bank crisis far from over
Herald Tribune
By John Hielscher
March 12, 2011

Six months have passed since the region's last bank failure. Just two Florida banks have collapsed so far this year, compared with five at this point last year. But analysts warn there is little reason to celebrate.

"The worst is behind us, but we are far from out of the Everglades on this banking crisis," said Ken Thomas, an expert on Florida banking.

"As last year, we will continue to lead the nation this year in the number of problem banks, those with enforcement actions, and in bank failures, but we will likely see a smaller number, 15 to 20," Thomas said.

Twenty-nine Florida banks failed in 2010, the most in any state and more than double the 14 that were closed in 2009.

Georgia recorded the second-highest rate of bank failures with 21. The two states accounted for nearly a third of the 157 U.S. bank failures last year.

"This is a remarkable statistic," said Thomas, a Miami-based consultant who also is a finance lecturer at the Wharton School of the University of Pennsylvania.

Florida's 247 banks and thrifts lost a combined $1.06 billion last year, an improvement from losses of $2.21 billion in 2009 and $2.76 billion in 2008.

Nearly two-thirds of the state's financial institutions remained in the red in 2010, compared with just 21 percent nationwide. more


Untold tale behind the First Community Bank of America deal
Tampa Bay Business Journal
by Margie Manning
March 7, 2011

First Community Bank Corporation of America was wooed by at least one other suitor before agreeing to sell itself to CBM Florida Holding Co., the parent company of Community Bank & Co.

A Tampa area bank, identified only as "Bank A," approached First Community in July to talk about a partnership, according to a preliminary proxy filed by First Community with the Securities and Exchange Commission.

First Community (NASDAQ: FCFL), headquartered in Pinellas Park, was receptive; it had been losing money since 2008 as real estate values plummeted and its loan portfolio weakened, and it was in desperate need of fresh capital at a time when few investors were interested in community banks.

Bank A signed a confidentiality agreement with First Community and conducted due diligence throughout August and September — before Bank A decided against a deal, based on a loan analysis, the proxy said. Read more


Regulators crack down on First Community Bank Corp. of America
Tampa Bay Business Journal
by Margie Manning
March 1, 2011

Federal regulators issued cease and desist orders to First Community Bank Corporation of America and its subsidiary, First Community Bank of America, just days after the holding company and the bank agreed to be acquired by CMB Florida Holding Co.

The cease and desist orders, which are among the more serious orders regulators issue against banks, require First Community to boost capital, improve earnings and cut problem loans, and impose other restrictions on how the bank does business.

The orders were issued Feb. 24 by the Office of Thrift Supervision. They were issued two weeks after First Community Bank Corporation of America (NASDAQ: FCFL), headquartered in Pinellas Park, signed an agreement to be acquired by CMB Florida Holding, the parent company of Community Bank & Co., formerly Community Bank of Manatee. Read more


Florida bank failures 2010
Housing Wire
December 21, 2010

Bank failures in Florida have cost the Federal Deposit Insurance Corp. the most money of any state in 2010, according a report by Condo Vultures released Tuesday. The real estate consultancy firm said the 29 bank failures have cost about $2.1 billion in losses to the FDIC's deposit insurance fund, or about 10% of the $22.2 billion in losses so far in 2010.

Since 2008, when the housing bubble burst, 45 Floridian banking institutions have closed for a total loss of $9.7 billion, or 14% of the $69.1 billion total write-off nationwide since that year.
Peter Zalewski, a principal at Condo Vultures, said this data should come as no surprise.

"Consider that 185,000 condominium units — including more than 22,000 in greater downtown Miami – were created alone in the Tri-county South Florida region since 2003," Zalewski said. The Tri-county Florida area encompasses the Miami-Dade, Broward and Palm Beach counties. "It is worth noting the FDIC has been preparing for a rash of Florida bank failures, which is why it opened a 500-person bank seizure and asset sales office in the north Florida city Jacksonville in 2009." Read more


Are we at the end of local bank failures?
Herald Tribune
by John Hielscher
September 20, 2010


Two Florida Highway Patrol Officers enter the downtown Sarasota branch of Flagship National Bank as federal regulators seized and closed the bank on Friday evening, Oct. 23, 2009


To some in the banking industry, the end of the work week has become known as "Friday Night Lights Out."

After 6 p.m. on Fridays is when officials from the Federal Deposit Insurance Corp., accompanied by other federal or state regulators, walk into an ailing bank and pull the plug.

It has become an all-too-common event in Manatee, Sarasota and Charlotte counties, where eight community banks have failed in the past 25 months.

Thirteen community banks remain standing in the three counties, and — at this point — all appear able to survive in a still-struggling economy.

But Florida banking consultant Ken Thomas is not so sure. He now estimates 30 Florida banks will go down in 2010, up from his prediction of 20 at the start of the year.

"Problem banks are all over Florida, although a few regions like yours with many new banks have a disproportionate amount," Thomas said.

"Florida is for sure the leader in bank failures this year, but I did not anticipate that literally 10 percent of our banking industry would disappear this year, but we are on the way to that happening," he said.

So far, 23 Florida banks have failed this year, nine more than in all of 2009 and nearly 20 percent of the U.S. total. Some 286 banks and thrifts were in business at the start of 2010.

Horizon Bank of Bradenton was the latest failure, on Sept. 10. It became the fourth Manatee County bank to fall during the recession. Read more


Investors snap up Florida banking bargains
By John Hielscher
July 13, 2010

FLORIDA: Private equity groups have become key players in the acquisitions


Linda F. Beavers, regional Ombudsman with the Federal Deposit Insurance Corp., puts up a press release at the Coral Gables, Fla., headquarters of BankUnited in this May 2009 file photo. North Fork's former CEO, John Kanas, led the private investor groups that last year bought BankUnited, the state's largest bank failure.


As bank failures in Florida continue to mount, new players are swooping in. They are veteran bankers, but not well-known banks. They have raised sizable war chests of cash to snap up the state's sickest banks at bargain prices. These private equity and investor groups also are buying weakened banks that appear salvageable, as well as some healthy banks that need fresh money to grow. They plan to become the new powers in Florida banking. "It's kind of like barbarians at the gate. Would we let them in?" said Florida bank expert Ken Thomas. "Florida is now the banking private-equity capital of the United States." Read more


BB&T Bank starts to make its presence known in region
By John Hielscher
April 19, 2010

THE SIGNS ARE ALREADY UP, and about 50 BB&T bankers will soon follow into the bank's new regional headquarters in downtown Sarasota.

BB&T, which bought the failed Colonial Bank last year, is consolidating several offices and operations into the 1800 Second St. building. Read more


Community Bank boosts capital

Community Bank of Manatee recently added $4.7 million to its capital coffers, boosting its regulatory capital levels and girding to increase lending.

Chairman/CEO Bill Sedgeman says about $3 million of that capital flowed down from the holding company, CBM Florida Holding Co., which was formed in December when an investor group acquired a majority stake in Community Bank. The rest came from two private investors new to the bank, he said.

The fresh capital will raise capital levels about 1 percentage point. The bank is under a consent order with federal regulators to maintain capital and reduce bad loans.

Sedgeman says loan demand is growing from small- and medium-sized businesses and from home buyers and refinances.

"We are trying to get the word out that we are open to taking new loan applications and for start-up and existing businesses," he said.

A group led by Brazilian businessman Marcelo Lima and former New York investment banker Trevor Burgess bought control of the bank for $11.5 million in December. Existing shareholders added $3.5 million. The bank lost $9.3 million in 2009. Read more


Failed bank was under federal investigation
By Michael Braga & Matthew Doig
May 16, 2011

First Priority Bank officials were secretly under investigation in 2009 by a federal agent whose office specializes in criminal cases against lenders, state records show. A Federal Deposit Insurance Corp. agent interviewed customers and at least one employee from the failed Bradenton lender while looking for "possible illicit activities of those involved with the bank," according to an FDIC summary provided to Florida law enforcement authorities two years ago.

FDIC officials would not comment on the investigation's status. But the glimpse provided by the Florida Department of Law Enforcement documents suggests a wide-ranging review that examined specific loans to customers, general banking practices and efforts by bank officials to shield information from regulators. Key in the FDIC investigation, according to the summary, were statements made by a former employee who once worked as bank president George Najmy's assistant.

The employee outlined a series of efforts by managers to shield their activities from scrutiny. Among them, bank leaders withheld items from the minutes of meetings and held off-the-books meetings where banking decisions were made.

In addition, the FDLE report states, two customers told an FDIC investigator the bank gave them inflated loans on the condition that they use the extra money to buy stock in the bank. Read more


Drew J. Breakspear, Commissioner Mr. Breakspear brings 40+ years of experience to the Office of Financial Regulation. He received an MBA from the Harvard Business School and a bachelor’s degree in Economics from the University of Witwatersrand.



Business briefs Herald-Tribune May 12, 2011
LAKEWOOD RANCH Community Bank closing deal for lender

Community Bank & Co. expects to close its $10 million purchase of First Community Bank of America in Pinellas Park on June 1, now that the Federal Deposit Insurance Corp. has signed off. Lakewood Ranch-based Community will inject $20 million into the combined bank to keep it well capitalized. Community will be a $770 million-asset bank with 17 offices in Manatee, Charlotte, Hillsborough, Pasco and Pinellas counties. Read more


Community Bank Receives Approval from State of Florida for Acquisition of and Merger with First Community Bank of America PRNewswire April 21, 2011

LAKEWOOD RANCH, Fla., April 21, 2011 /PRNewswire/ -- Community Bank & Company today announced that it has received from the State of Florida Office of Financial Regulation, a notice of intent to approve its acquisition of and merger with First Community Bank of America. Community Bank expects to complete the acquisition in the second quarter of 2011 pending FDCI approval. Read more

Tom Grady leaves Office of Financial Regulation, heads to Citizens' presidency The Buzz, Staff of the Tampa Bay Times, March 7, 2012


Banking commissioner Tom Grady pursued lawsuit against state for legal fees The Miami Herald blog, by Katie Sanders, Aug-18, 2011


Former OFR Commissioner J. Thomas Cardwell: Since January 2009, 44 financial institutions have failed: 14 in 2009, 29 in 2010 and one already in 2011. Florida is in the top five states nationally in the number of mortgage foreclosures. Home sales remain sluggish and prices for existing homes are flat. Like many families and businesses in Florida, OFR was significantly impacted by the real estate market. Read the report in PDF


Remarks of J. THOMAS CARDWELL to Financial Crisis Inquiry Commission


Understanding OFR, A Guide To Florida’s Office Of Financial Regulation


Cornerstone Community Bank squares off against FDIC Tampa Bay Business Journal, by Margie Manning, September 2, 2011


Lakewood Ranch bank backs out of buying Clearwater institution
Herald-Tribune, by John Hielscher, September 19, 2011


Purchase and Assumption Agreement, Community Bank Co & Old Harbor Bank


Rethinking strategy? Manatee County bank backs off deal to buy Clearwater's ailing Old Harbor Bank The St. Petersburg Times, Venture, by Robert Trigaux, September 20, 2011


Thomas Dujenski, FDIC to Gillespie re Old Harbor Bank Sep-15-2011


1st United Bank, Boca Raton, Florida, Assumes All of the Deposits of Old Harbor Bank, Clearwater, Florida Federal Deposit Insurance Corporation FOR IMMEDIATE RELEASE, October 21, 2011


FDIC Failed Bank Information, Old Harbor Bank, Clearwater, FL

On Friday, October 21, 2011, Old Harbor Bank, Clearwater, FL was closed by the Florida Office of Financial Regulation, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. No advance notice is given to the public when a financial institution is closed.


1st United Bank gets failed Old Harbor Bank
South Florida Business Journal, by Brian Bandell, Senior Reporter, October 21, 2011


Clearwater's Old Harbor Bank fails, its assets sold to Boca Raton's 1st United bank St. Petersburg Times, by Jeff Harrington, October 22, 2011


Cost of Florida's 12 bank failures so far this year? $640.9 million to the FDIC, and counting, The St. Petersburg Times, by Robert Trigaux, Venture Blog, October 25, 2011


New list: 42 Florida banks rated "zero star" and in serious financial trouble at mid-year The St. Petersburg Times, by Robert Trigaux, Venture Blog, September 9, 2011