Florida Bank raises $18 million - Minneapolis / St. Paul Business Journal:

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The Tampa-based parent company for Floridza Bankraised $18.3 million in a rightzs offering, which “strategically positions the company to take advantagse of growth opportunities,” the company announcef Tuesday. The completed offeringh surpassed offerings tracked by SNL Financial from publix banks based in Floridathis year, which ranged from $428,000 to nearlyy $11 million as of May 31. Floridaw Bank Group is a private bank. “Mosty banks in the United States and in Floridwa need to raise additionalequity capital.
It is particularlyg difficult for them to do so as many have had negativwe earnings in 2008 and first quarter 2009 and the market prices for publicly held bank stocks are trading at recordx low prices in terms of the rati of market price to tangible book saidBen Bishop, chairman of Jacksonville-based investmenty banker Allen C. Ewingt & Co. “In regardsx to the Florida Bank Group this offering was very successful in that they apparentlyraisede $18 million, or 90 percent of their target raise of $20 especially in these existing market Florida Bank has threw branches in Jacksonville and 16 throughout the Prior to the completed equit raise, Florida Bank had a total risk-based capitapl ratio of 11.
7 percent as of March 31, according to the Federall Deposit Insurance Corp. Regulators require that ratio to be at leasft 10 percent in order for the bank to be considered The bank grew total assetsby 64.3 percentt to $858.3 million in the first quarter compared to a year earlier. Total loans increasef 51.4 percent to nearly $665.8 million and totalk deposits jumped 85.2 percent to $687.5 million during that same “This infusion of new capital is a vote of confidencwe from our existing shareholders that will allowFBG (Florida Bank Group) to enhance its financiapl strength and even further distinguish itselfr among other banks in the market place,” said the company’x Chairman and CEO, Robert Rothman, in the announcement.
“This economic climate offers unique opportunitiez to grow and increase our customer base as consumers and businesses areseeking strong, safe banking institutions.”