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