The Real Deal Miami

Former finance minister bails out Anchor bank

Guido Hinojosa Cardoso

Anchor Commercial Bank was damaged by the fallout of the housing market collapse, but the intercession of a Bolivian businessman may have kept it from sinking, the South Florida Business Journal reported.

Guido E. Hinojosa Cardoso, a La Paz-based investor and Bolivia’s former finance minister, has sought Federal Reserve approval to purchase $5 million in newly issued stock in the bank, and offer an additional $3 million in shares to other investors.

Hinojosa Cardoso, who is in his late 70s, is president of the Bolivian stock market and has a controlling stake in Banco Fortaleza. The recapitalization plan won approval from Florida’s financial regulatory body April 18.

The Juno Beach-based Anchor bank with $106.5 million in assets was “critically undercapitalized” in the fourth quarter, according to the Journal.

Anchor Commercial Bank had $14.7 million in noncurrent loans, or 18.6 percent of total loans, and $3.1 million in repossessed property, on March 31. That’s down from 18.4 percent in noncurrent loans and $3.3 million in repossessed property at the end of 2012. [South Florida Business Journal]Emily Schmall