The Real Deal Miami

Community Bank of Florida posts 3Q loss

November 07, 2008 12:19PM

Investment losses, rather than bad loans, pushed Community
Bank of Florida
into the red in the third quarter. Even though the area around the
Homestead-based bank has been rocked harder by foreclosures than most places in
South Florida, it had relatively few problem
loans. But South Florida’s 22nd-largest local
bank, based on assets, took a $2.9 million charge in the third quarter for a
realized loss on its securities, mostly in preferred shares of Fannie Mae and
Freddie Mac.