A HERALD-TRIBUNE INVESTIGATION
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BREAKING
THE BANKS
Olde Cypress Community Bank
Defaults: This data is from judgements and foreclosure filings and was collected through county clerk’s offices. It includes every judgement for more than $1 million or the five largest at each bank.
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2012
Olde Cypress Community Bank
SPAN
January 1927-July 2010
HEADQUARTERS
Clewiston
REGULATORS
OTS
TOTAL ASSETS AT FAILURE
$168 million
COST TO FDIC
$31 million
DIRECTORS
John C. Perry
Raymond Clark Tullos
Christopher H. Shupe
John R. Ahern
Larry Coleman
Kay Coleman-Hazelett
Andrew J. Higginbotham
David A. Lyons
Melanie A. McGahee
Olde Cypress Community Bank was based in the heart of sugar cane country and survived for 83 years.
It was undone when it ignored its rural beginnings and branched out — in the fashion of so many other Florida banks — and began making real estate loans along Florida's coasts.
The
FDIC found
that it failed because it made aggressive loans outside the Clewiston area — and into places "that suffered from some of the highest real estate depreciation rates in the country."
By the end of 2008, the bank had more than $13 million in bad loans on its books. That sum grew to more than $20 million when regulators shuttered the bank in July 2010.
Olde Cypress was not regulated by the state and detailed regulatory reports are not available to the public.
FLORIDA COMMUNITY BANKS
Click to explore bank profiles, loans, officers, capital and defaults.
AmericanFirst Bank
Bank of Bonifay
Bank of Florida Southeast
Bank of Florida Southwest
Bank of Florida Tampa Bay
BankUnited
Bayside Savings Bank
Central Florida State Bank
Century Bank
Chipola Community Bank
Coastal Bank
Coastal Community Bank
Commerce Bank of Southwest Florida
Community National Bank at Bartow
Community National Bank of Sarasota County
Cortez Community Bank
First Bank of Jacksonville
First Commercial Bank of Florida
First Commercial Bank of Tampa Bay
First East Side Savings Bank
First Federal Bank of North Florida
First Guaranty Bank & Trust
First National Bank of Central Florida
First National Bank of Florida
First Peoples Bank
First Priority Bank
First State Bank
Flagship National Bank
Florida Community Bank
Freedom Bank
Gulf State Community Bank
GulfSouth Private Bank
Haven Trust Bank
Heritage Bank of Florida
Heritage Bank of North Florida
Hillcrest Bank
Horizon Bank
Independent National Bank
Integrity Bank
Key West Bank
LandMark Bank
Lydian Private Bank
Marco Community Bank
Metro Bank of Dade
Ocala National Bank
Old Harbor Bank
Old Southern Bank
Olde Cypress Community Bank
Orion Bank
Partners Bank
Peninsula Bank
Peoples First Community Bank
Premier American Bank
Premier Community Bank of the Emerald Coast
Progress Bank of Florida
Putnam State Bank
Republic Federal Bank
Riverside Bank of the Gulf Coast
Riverside National Bank of Florida
Security Bank
Southshore Community Bank
Sterling Bank
Sun American Bank
Sunshine State Community Bank
The Bank of Miami
The Royal Palm Bank of Florida
Turnberry Bank
Wakulla Bank