Clewiston Bank Rated '0' Stars
LABELLE, FL. -- The latest report of bank ratings by Coral Gables based Bauer Financial says the Olde Cypress Bank of Clewiston is on their troubled bank list and has given the Clewiston bank a no-star rating, the lowest rating possible. Formerly on the zero star local troubled bank club was the former Florida Community Bank which has since been closed by the state and assets sold to another bank.
Florida Community Bank, was closed in late January by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Premier American Bank, National Association, Miami, Florida, to assume all of the deposits of Florida Community Bank.
The Olde Cypress Bank has offices in Clewiston and LaBelle in Hendry County and has held their 'zero star rating' for over a year.
Clewiston's First Bank earned three stars from Bauer and Seacoast National Bank, based in Stuart had two stars and has two branches in Hendry county. Seacoast had received fifty million dollars in December 2008 from the Treasury Department in the government's troubled assets relief program (TARP).