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Ill will at Seacoast Banking

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.

Seacoast’s deepwater stock sale

Seacoast Banking Corp. of Florida is in a pickle.

The tiny bank with under $3 billion in assets is one of a handful of lenders that are so cash-strapped they’ve not only stopped paying dividends to shareholders, but to Treasury as well. The Wall Street Journal reported today that Seacost and two other small banks are no longer paying dividends on the preferred stock they gave to the federal government as part of Troubled Asset Relief Program capital infusion.

On May 19, the bank stopped paying dividends to all its various classes of shareholders.

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