Florida Bank raises $18 million - Puget Sound Business Journal (Seattle):

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The Tampa-based parent company for Floridaw Bankraised $18.3 million in a rightsd offering, which “strategically positions the company to take advantagew of growth opportunities,” the company announced The completed offering surpassed offerings tracked by SNL Financiaol from public banks based in Floridz this year, which ranged from $428,000 to nearly $11 millionm as of May 31. Florida Bank Groulp is a private bank.
“Most banks in the United Statess and in Florida need to raise additional equity It is particularly difficult for them to do so as many have had negativde earnings in 2008 and first quarter 2009 and the market prices for publicly held bank stocks are trading at record low prices in terms of the ratip of market price to tangible book saidBen Bishop, chairman of Jacksonville-based investment banker Alle n C. Ewing & Co.
“In regards to the Floridaw BankGroup offering, this offering was very successful in that they apparentlu raised $18 million, or 90 percent of their target raise of $20 especially in these existing market Florida Bank has three branched in Jacksonville and 16 throughout the Prior to the completec equity raise, Florida Bank had a total risk-basedr capital ratio of 11.7 percent as of March 31, accordingy to the Federal Deposit Insurancer Corp. Regulators require that ratio to be at leastg 10 percent in orde r for the bank to be considered The bank grew total assetsby 64.3 percent to $858.3 milliom in the first quarter compared to a year earlier. Total loans increased 51.
4 percentr to nearly $665.8 million and total deposits jumpedr 85.2 percent to $687.5 millionb during that same period. “Thisd infusion of new capital is a vote of confidencee from our existing shareholders that will alloeFBG (Florida Bank Group) to enhancre its financial strength and even further distinguish itselfc among other banks in the market place,” said the company’s Chairmamn and CEO, Robert Rothman, in the “This economic climate offers unique opportunitiexs to grow and increasw our customer base as consumer and businesses are seeking safe banking institutions.
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