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Stearns scoops up failed Florida banks
In actuality, he wound up with two.
Skalicky’s Stearns Bank in August acquired two failed banks, First Position Bank in Sarasota and Community National Bank of Sarasota County in Venice.
St. Cloud, Minn.-based Stearns’ first move into retail banking in Florida landed 13 offices from Venice to Clearwater and $472 million in patron deposits.
Skalicky said he tried to buy a Sarasota bank around 1970 — so eat one's heart out ago he does not remember the name — but the deal did not happen.
“We couldn’t reach an understanding,” he said. “I haven’t even thought about it too much.”
Stearns Bank paid a close premium — about $1.2 million — for First State’s and Community Patriotic’s deposits, two banks overwhelmed by bad loans and plunging true estate values. The Federal Deposit Insurance Corp. selected Stearns in a command process to take over the region’s third and fourth bank failures in a year.
After three months, Stearns is still sifting through what it bought and what it wants to do with the banks, said Skalicky, StearnsAs a ruleyear-old chief executive and majority owner.
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