First Guaranty Bank sells most Branches and Trust division

[vicupstate]

http://www.marketwatch.com/story/certusbanksm-buys-branches-assets-and-trust-division-from-jacksonvilles-oldest-bank-first-guaranty-2011-11-09

[John P]

This is why I took my money out last month and went to a credit union

[Tacachale]

Another one bites the dust. How many banks are left in the world now? Three or four?

[fieldafm]

I don't think I can emphasize enough how big of an impact this will have on commercial projects in Jacksonville.  First Guaranty was heavily invested in this area in Jacksonville.  I doubt you'll see the same level of commitment by the new caretakers of FGB. 

You'll no doubt also see Certus get rid of a lot of the non-recurring assets on the books.  A lot of projects FGB kept on the books, will be facing a much different future going forward.  FGB wasn't one to frivously cut ties on projects they thought still had a worthwile life in better times.

I am particularly saddened(albeit not suprised) by this news.  I think the team over there weathered the storm quite well over the last few years considering the circumstances.  I am sure Mr Fant is confident Certus will have the same level of commitment to the relationship-minded banking FGB is famous for.  From what I understand, there were several suitors... that deposit base they have is worth more than what's on the balance sheet.

I am personally big fans of Jay Fant and Don Roberts over there at FG.  I hope they have a place under the new leadership structure.

[duvaldude08]

Another one bites the dust. How many banks are left in the world now? Three or four?

Same thing I said. The banks are still eating each other.

[bill]

I don't think I can emphasize enough how big of an impact this will have on commercial projects in Jacksonville.  First Guaranty was heavily invested in this area in Jacksonville.  I doubt you'll see the same level of commitment by the new caretakers of FGB. 

You'll no doubt also see Certus get rid of a lot of the non-recurring assets on the books.  A lot of projects FGB kept on the books, will be facing a much different future going forward.  FGB wasn't one to frivously cut ties on projects they thought still had a worthwile life in better times.

I am particularly saddened(albeit not suprised) by this news.  I think the team over there weathered the storm quite well over the last few years considering the circumstances.  I am sure Mr Fant is confident Certus will have the same level of commitment to the relationship-minded banking FGB is famous for.  From what I understand, there were several suitors... that deposit base they have is worth more than what's on the balance sheet.

I am personally big fans of Jay Fant and Don Roberts over there at FG.  I hope they have a place under the new leadership structure.

I agree with that this was a loss. FG has been in deep trouble and the FDIC has been looking for someone to step in. They made some awful loans and business decisions.

[thekillingwax]

These jerkbags put a $4 (or was it $5?) usage fee on their ATM inside St. Vincent's. They claimed it was to pay for maintenance on the machine and that non-members shouldn't be using it anyway, which is why they put it in one of the most heavily traveled locations there. Of course. They certainly weren't trying to take advantage of patients and families that needed cash- noooooo. After a couple of months they dropped it back to $2.50.

[mtraininjax]

Center State, the purchaser of FG, said in the Jax Business Journal that the King Street location, Ortega Branch and a new location on Bonneval Road, will be all that they keep going forward. So what happens to the Riverside location there at the corner of Fisk and Riverside? Nice building, should not stay empty long, but it could also be used as parking for the RAM events. That would also mean 6 other locations will be closed.

http://www.bizjournals.com/jacksonville/print-edition/2012/04/06/centerstate-closing-6-former-first.html