A Venice builder’s problems … and their ripples
Florida Community Bank, the bank that had $21 million in loans to Venice home builder Jacques Cloutier, was closed by state and federal regulators on Friday.
The Immokalee-based bank was taken over by Miami’s Premier American Bank, which is assuming all its $795.5 million in deposits.
The bank will maintain its name.
Since September 2006, Cloutier has defaulted on 20 loans totaling $115.5 million from nearly a dozen lenders. The $21 million from Florida Community was in six different loans.