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Non-Current Loans Take Another Bank Down--- This Time 4th Florida Bank This Year

(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.