Florida Bank raises $18 million - Wichita Business Journal:

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The Tampa-based parent company for Florida Bankraisefd $18.3 million in a rights offering, which “strategically positions the company to take advantage of growt h opportunities,” the company announced Tuesday. The completedf offering surpassed offerings tracked by SNL Financiapl from public banks based in Floridawthis year, which ranged from $428,000 to nearlyt $11 million as of May 31. Floridaz Bank Group is a private bank. “Most banks in the United States and in Florida need to rais additionalequity capital.
It is particularly difficult for them to do so as many have had negativs earnings in 2008 and first quartet 2009 and the market prices for publiclyt held bank stocks are trading at recordf low prices in terms of the ratiio of market price to tangiblebook value,” said Ben chairman of Jacksonville-based investment banker Allen C. Ewingb & Co. “In regards to the Floridaw BankGroup offering, this offering was very successfulk in that they apparently raised $18 million, or 90 percentf of their target raise of $20 especially in these existing markeyt conditions.” Florida Bank has three branches in Jacksonvillre and 16 throughout the state.
Prior to the completedr equity raise, Florida Bank had a total risk-basesd capital ratio of 11.7 percent as of March 31, accordingh to the Federal DepositInsurance Corp. Regulators require that ratio to be at leasy 10 percent in order for the bank to beconsideredr “well-capitalized.” The bank grew totak assets by 64.3 percent to $858.34 million in the first quarter comparexd to a year earlier. Total loans increased 51.4 percentf to nearly $665.8 million and totao deposits jumped 85.2 percent to $687.
54 million during that same “This infusion of new capital is a vote of confidencre from our existing shareholders that will allowFBG (Florid a Bank Group) to enhance its financiaol strength and even further distinguish itself among other banks in the market said the company’s Chairman and CEO, Robert in the announcement. “This economic climate offers uniqure opportunities to grow and increase our custome r base as consumers and businesses are seeking safebanking institutions.
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