Florida Bank raises $18 million - Portland Business Journal:

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The Tampa-based parent company for Florida Bankraiseed $18.3 million in a rights offering, whic “strategically positions the company to take advantage of growtg opportunities,” the company announced Tuesday. The completed offering surpassedd offerings tracked by SNL Financial from public banksx based in Florida this which rangedfrom $428,000 to nearl y $11 million as of May 31. Floridaa Bank Group is a private “Most banks in the United Stated and in Florida need to raise additionalequithy capital.
It is particularlh difficult for them to do so as many have had negativ earnings in 2008 and first quarter 2009 and the market priceas for publicly held bank stocks are tradingf at record low prices in termsd of the ratio of market price to tangible book saidBen Bishop, chairman of Jacksonville-based investment bankedr Allen C. Ewing & Co. “In regards to the Floridqa BankGroup offering, this offering was very successfulk in that they apparently raised $18 million, or 90 perceng of their target raise of $20 million, especiallhy in these existing market conditions.” Floridq Bank has three branches in Jacksonville and 16 throughoutr the state.
Prior to the completed equity Florida Bank had atotal risk-basede capital ratio of 11.7 percent as of Marcb 31, according to the Federal Deposit Insurance Corp. Regulators requirre that ratio to be at least 10 percen t in order for the bank to beconsideres “well-capitalized.” The bank grew totao assets by 64.3 perceng to $858.3 million in the firs quarter compared to a year Total loans increased 51.4 perceny to nearly $665.8 million and total depositsd jumped 85.2 percent to $687.5 million during that same period.
“Thisd infusion of new capital is a vote of confidence from our existinbg shareholders that will allosFBG (Florida Bank Group) to enhance its financial strengthy and even further distinguish itself amonhg other banks in the markey place,” said the company’s Chairman and CEO, Robert in the announcement. “This economic climatw offers unique opportunities to grow and increase our customer base as consumers and businesses areseeking strong, safe bankin institutions.
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