Bank Collapse Watch: More About First Priority

Manatee rattled by First Priority failure

Mike Woody, a Destin bank consultant, was giving a speech to fellow bankers at a convention in New Mexico on Friday when he was approached by a First Priority Bank shareholder.

“One of First Priority’s biggest shareholders was lamenting the problems with the bank,” Woody said Saturday. “And I said, ‘As far as the hit list, you’re No. 1, I think, pal.’ “

That evening, First Priority was shut down by regulators.

Emphasis added by me.

More:

First Priority reported a net loss of $9.4 million for the second quarter and had lost $12.4 million since the beginning of the year, according to earnings it reported to the FDIC this week. By the time regulators ordered the bank closed Friday night, First Priority was operating with a meager $1.5 million in total equity capital – about the equivalent of a nice waterfront home.

The bank had made it onto several lists from private firms and agencies as being a troubled institution.

One list compiled by Bauer Financial of Coral Gables had given First Priority a zero rating on its five-star rating system.

Emphasis added by me.

Click here for a summary of posts in this blog’s Bank Collapse Watch category.

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Previously here:

Bank Collapse Watch: Another One Goes Bust

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Explore posts in the same categories: Bank Collapse Watch, C.O.A.T. - Money, C.O.A.T. - Scams, Depression 2.0

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