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Christopher Menkin
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Christopher "Kit" Menkin is of editor LeasingNews.org (http://www.leasingnews.org/), an internet trade publication for the finance/leasing industry. He has 46 years experience in the finance/leasing industry as well as being a founder of a commercial regional bank and serving on several company... More
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  • Non-Current Loans Take Another Bank Down--- This Time 4th Florida Bank This Year 0 comments
    Oct 31, 2013 1:15 PM

    (in millions, unless otherwise)

    Non-Current Loans
    2006 $101,000
    2007 $442,000
    2008 $3.1
    2009 $2.8
    2010 $2.8
    2011 $1.5
    2012 $1.8
    06/13 $1.5

    The two branches of Bank of Jackson County, Graceville, Florida, were closed with First Federal Bank of Florida, Lake City, Florida, to assume all of the deposits. Established September 6, 1934, the bank had 16 full time employees as of June 30, 2013, at each branch in Graceville and Marianna. Year-end 2006 the bank had 27 full time employees.

    When the bank was closed it had a $6,000 net equity
    and Tier 1 risk-based capital ratio: 0.0003.

    Graceville is a city in Jackson County, Florida, United States, latest population 2,392 (2004.) Jackson County is a rural community primarily composed of businesses in agriculture, manufacturing, service, and retail trade. In addition, many government facilities are located within the county, including a federal prison and three state correctional institutions.
    en.wikipedia.org/wiki/Graceville,_Florida

    As of June 30, 2013 Bank of Jackson County had approximately $25.5 million in total assets and $25.0 million in total deposits. In addition to assuming all of the deposits of Bank of Jackson County, First Federal Bank of Florida agreed to purchase approximately $23.1 million of the failed bank's assets.

    The FDIC will retain the remaining assets for later disposition.

    Tom Wilder IV, Chief Marketing Officer
    Thomas W Wilder, Chief Executive Officer

    The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.1 million.

    (in millions, unless otherwise)

    Net Equity
    2006 $2.8
    2007 $2.9
    2008 $3.0
    2009 $2.4
    2010 $720,000
    2011 $647,000
    2012 $651,000
    10/13 $6,000

    Profit
    2006 $217,000
    2007 $32,000
    2008 -$41,000
    2009 -$420,000
    2010 -$1.7
    2011 $63,000
    2012 $4,000
    10/13 -$645,000

    Charge Offs
    2006 $80,000 ($48,000 other loans, $35,000 loans to individuals.- $3,000 farmers)
    2007 $57,000 ($58,000 loans to individuals, -$1,000 commercial/ind.)
    2008 $75,000 ($58,000 loans to individuals, $$11,000 1-4 family, $6,000 construction.)
    2009 $443,000 ( $253,000 nonfarm/nonres./$27,000 individuals, $59,000, 1-4 family, $19,000 commercial industrial,
    2010 $861,000 ($570,000 nonfarm/nonres., $228,000 commercial/industrial, $17,000 other loans, -$18,000 other consumer loans
    2011 $98,000 ( $111,000 farmland, $20,000 commercial/industrial, -$28,000 individuals)
    2012 $28,000 ( $31,000 commercial/industrial, $10,000 1-4 family, -$13,000 individuals, $-12,000 consumers, -$1,000 auto's.)
    10/13 $71,000 ( $63,000 nonfarm/nonresidential, $8,000 individual)

    Construction and Land, 1-4 family multiple residential, Multiple Family Residential, Non-Farm Non-Residential loans.

    http://www.fdic.gov/news/news/press/2013/pr13097.html

    Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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