Editorial: Florida Community Bank

We’re weary of hearing of ‘one-man operations’

Stop us if you’ve heard this one before.

Florida Community Bank, according to federal investigators, failed because it was “a one-man bank.”

Sounds like what investigators also said about Naples’ Orion Bank.

We do not recall the too-much-CEO-control excuse aired to that extent in relation to the failures of Hillcrest or Partners banks, also local.

We could echo the sentiments of some investors and observers who wonder where the oversight was. Was there any at all?

We also could ask of the whereabouts of the members of the banks’ boards of directors, though those appointments can be made by the buddy system and not designed to give oversight — only support.

Then again, having to worry about the management of banks, especially around here, was unheard of. It was a given that everybody simply made money.

Every investment was sound.

Every piece of real estate would soar in value.

Now it’s a new day.

The really bad news amid all this pain and suffering is for those who suffer the most — investors and taxpayers.

Bank failures and bailouts do not come and go cheaply. Florida Community Bank — with roots going all the way back to Barron Collier Sr. in 1923 — alone cost the Federal Deposit Insurance Corp. $349 million.

You’ve heard this before.

It cannot stop too soon.

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