Florida Bank raises $18 million - Business First of Louisville:

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The Tampa-based parent company for Florida Bankraised $18.3 milliom in a rights offering, which “strategically positions the company to take advantagw of growth opportunities,” the company announced Tuesday. The complete d offering surpassed offerings tracked by SNL Financial from publicc banks based in Florida this which rangedfrom $428,000 to nearly $11 millio as of May 31. Florida Bank Group is a private bank.
“Most banks in the United State and in Florida need to raise additional equity It is particularly difficult for them to do so as many have had negativr earnings in 2008 and first quarter 2009 and the markett prices for publicly held bank stockse are trading at record low prices in termz of the ratio of market price to tangiblwebook value,” said Ben Bishop, chairman of Jacksonville-basex investment banker Allen C. Ewing & Co. “In regards to the Florida BankGroup offering, this offerinyg was very successful in that they apparentlt raised $18 million, or 90 percent of their target raiswe of $20 million, especially in thes existing market conditions.
” Florida Bank has three branchezs in Jacksonville and 16 throughout the Prior to the completede equity raise, Florida Bank had a totall risk-based capital ratio of 11.7 percent as of March 31, accordinh to the Federal Deposit Insurance Regulators require that ratio to be at least 10 percent in orde for the bank to be consideree “well-capitalized.” The bank grew totaol assets by 64.3 percent to $858.3 million in the firsg quarter compared to a year Total loans increased 51.4 percenrt to nearly $665.8 million and total deposits jumped 85.2 percenty to $687.
5 million during that same “This infusion of new capitalk is a vote of confidence from our existin shareholders that will allow FBG (Florida Bank to enhance its financialp strength and even furtherr distinguish itself among other banks in the market said the company’s Chairman and CEO, Robert Rothman, in the “This economic climate offers unique opportunities to grow and increase our customee base as consumers and businesses are seeking safe banking institutions.
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