Amerant in Florida discloses loan exposure to coffee trader
Amerant Bancorp in Coral Gables, Fla., disclosed that it faces exposure to a Miami coffee trader that is going through an orderly liquidation.
The $8.1 billion-asset company said in a regulatory filing Thursday that Coex Coffee International has a revolving line of credit with its bank. The line had an outstanding balance of $39.8 million on June 30.
Amerant, which recorded a $22 million loan-loss provision in the first quarter, said it set aside $17 million in the second quarter to specifically cover potential exposure to the relationship.
“The bank intends to pursue any possible courses of actions available to it to mitigate the ultimate losses on this indebtedness and recover as much of the outstanding indebtedness as possible,” the filing said. “Nevertheless, it is too early to determine if any of these possible courses of action … will be successful.”