Commentary: This is a blog on Florida and Tampa Area commercial real estate. Why do we care about a Chicago bank? Well, Corus had funded numerous area developments, including “Element,” in downtown Tampa, Centergate Lansbrook Village, Palm Harbor (Pinellas County), and Tuscany at International Plaza, Tampa, among others.
Corus was the 90th bank to fail this year, but it won’t be the last, particularly when it comes to Florida. Florida banks carry a disproportionate number of commercial loans relative to net assets. When the real estate market in Florida sneezes, Florida banks catch a cold. In this case, the commercial real estate market has caught much worse than a cold and the effects are seismic shock waves sent through the State’s banking industry. Bauer Financial keeps records on reported bank asset delinquencies and creates a star system based on financial strength. It is worth a peek to see where your bank is rated.
FDIC Report on Florida’s Economic Profile and Banking Trends
