Ill will at Seacoast Banking

August 4, 2009

Things have gotten so bad at Florida’s Seacoast Banking that it no longer has any goodwill. Really.

A week after the bank announced a $13.2 million second-quarter loss, the struggling lender said it has taken an impairment charge on its remaining $49.8 million in goodwill. Seacoast, in a regulatory filing, says: “The charge will eliminate the Company’s goodwill asset.”

It’s a bit surprising that Seacoast didn’t take the impairment charge when it announced earnings. But the bank says it wasn’t quite done with its calcuations. 

Goodwill must be a hard thing to give up–especially when there’s so little to go around in the banking world these days.

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