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Seacoast Banking Corp. of Florida Message Board

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  • marifry marifry Jun 23, 2009 11:08 AM Flag

    Seacoast stopped payment on TARP preferred

    Well, that is a good way to look at it. Looks like there has to be a major shake up to get things going in the right direction. I hope that happens sooner than later. I still don't think we are going Chapter 11...but at this rate...we are going nowhere until someone with some sense takes over.

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    • Greetings, all,
      I bumped into this bank through an old acquaintance, Mr. Hatter, but has no interest in the bank.
      Banks has about 8% of of their own money in the game, when things turn against them, that quickly eat into the equity. By mandate banks had to maintain maybe around 6%(?), so it'll need new capital and TARP fund was injected. Being that the equity is subject to further erosion, it is very difficult, but must find new buyer. Only then can the shareholders make out, but the bonanza belongs to new equity holders. Before that happens though, the current shareholders can possibly lose everything(if FDIC were to take it over).
      That said, good luck, all.

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