MANATEE - New Bauer bank ratings just released Friday show Bank of Commerce in Sarasota has not improved its zero star rating.
Bank of Commerce has been aggressively trying to raise capital through a stock offering of 14 million shares at $1 a piece. The bank lost $8.12 million last year largely due to the under-performing loans issued at the height of the housing crisis.
Its neighbor, Gateway Bank of Southwest Florida, maintained its high five star ranking in numbers released by the banking analyst, making it the top ranked bank locally.
Both Gateway and Bank of Commerce had the same ratings for the last two quarters. Bauer’s ratings are assigned on a scale of zero to five stars and are based on the overall financial picture of the bank.
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Other local banks receiving three and a half stars include 1st Manatee Bank in Parrish, First America Bank of Bradenton, Insignia Bank of Sarasota and Sabal Palm Bank of Sarasota. These ratings stayed the same except for First America Bank, which inched up half a star.
C1 Bank, which was based in Lakewood Ranch but has since moved its headquarters to St. Petersburg, earned a three star rating.
The ratings issued quarterly were based on financial data ending Sept. 30.