Failed loan by ex-Husani partner threatens one bank’s bottom line
Michael Tringali borrowed $83 million from seven banks
The second largest Florida-based bank could be writing off nearly 15 percent of its annual profits because of fallout from a loan to Neil Mohamad Husani’s former business partner, Michael Tringali.
BankAtlantic Bancorp, a Fort Lauderdale-based bank with $6.2 billion in assets, loaned Tringali $27.9 million in August 2005 to buy and develop the 1,143-acre Steeplechase Estates near Myakka City.
But Tringali defaulted on the loan and the bank — in lieu of foreclosing — sold the land for $27.2 million this month to a limited liability company that is a subsidiary of BankAtlantic and that lists Chief Executive Alan Levan as its managing member.