Old Harbor Bank shuttered by Florida regulators
10/24/2011
Old Harbor Bank in Clearwater was closed by Florida regulators on Friday, October 21. The institution had
assets of $215.9 million at June 30 and was rated E- (“Very Weak”) by Weiss at the time of failure. It was first
identified as “Weak” in September 2003. It reported a loss of more than $8.1 million for the six months ending
June 30. Old Harbor had negative capital, and 19.2% of all loans were nonperforming.
1st United Bank in Boca Raton, with assets of $1.3 billion and a Weiss Financial Strength Rating of D+
(“Weak”), assumed the deposits of Old Harbor Bank. 1st United Bank’s risk-based capital ratio of 19.94% is
slightly higher than the industry average. It reported almost $1.6 million in net income through June 30 with an
ROA of 0.25%, which is below the industry average of 0.87%