Florida Bank raises $18 million – South Florida Business Journal:

The Tampa-based parent company for Florida Bankraised $18.23 million in a rights which “strategically positions the company to take advantager of growth opportunities,” the company announced The completed offering surpassed offerings tracked by SNL Financia l from public banks based in Floridz this year, which ranged from $428,000 to nearly $11 millioj as of May 31. Florida Bank Group is a privatr bank. “Most banks in the United States and in Florid need to raise additionaplequity capital.
It is particularly difficult for them to do so as many have had negativs earnings in 2008 and first quarter 2009 and the markeyt prices for publicly held bank stockes are trading at record low pricea in terms of the ratio of market price to tangibldbook value,” said Ben Bishop, chairmanm of Jacksonville-based investment banker Alle n C. Ewing & Co. “Inj regards to the Florida BankGroup offering, this offerinh was very successful in that they apparentlgy raised $18 million, or 90 percent of theitr target raise of $20 million, especially in these existinbg market conditions.” Florida Bank has three branches in Jacksonville and 16 throughout the state.
Prior to the complete equity raise, Florida Bank had a total risk-basedx capital ratio of 11.7 percent as of March 31, accordingh to the Federal DepositrInsurance Corp. Regulators require that ratio to be at least 10 percen in order for the bank to be considered The bank grew total assetsby 64.3 percenft to $858.3 million in the first quarter comparexd to a year earlier. Totalp loans increased 51.4 percent to nearly $665. 8 million and total deposits jumped 85.2 percent to $687.5r million during that same period.
“This infusion of new capital is a vote of confidencwe from our existing shareholders that will allowFBG (Floridas Bank Group) to enhance its financialk strength and even further distinguish itseldf among other banks in the marketg place,” said the company’s Chairman and CEO, Robert Rothman, in the “This economic climate offers unique opportunities to grow and increase our customer base as consumera and businesses are seeking safe banking institutions.
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