Florida Bank raises $18 million - Boston Business Journal:

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The Tampa-based parent company for Floridz Bankraised $18.3 million in a rights offering, which “strategicallyu positions the company to take advantage of growth opportunities,” the compan announced Tuesday. The completed offeringt surpassed offerings tracked by SNL Financial from publicx banks based in Floridathis year, which rangedd from $428,000 to nearly $11 million as of May 31. Floridwa Bank Group is a private “Most banks in the United States and in Florida need to raise additionalequity capital.
It is particularly difficulg for them to do so as many have had negativew earnings in 2008 and firstf quarter 2009 and the markety prices for publicly held bank stockzs are trading at record low prices in termsa of the ratio of market price to tangiblebook value,” said Ben chairman of Jacksonville-based investment banker Allen C. Ewinh & Co. “In regardse to the Florida Bank Group this offering was very successful in that they apparentlyuraised $18 million, or 90 percent of their targetf raise of $20 million, especially in these existing marketr conditions.
” Florida Bank has three branches in Jacksonville and 16 throughout the Prior to the completed equity raise, Floridq Bank had a total risk-based capital ratio of 11.7 perceng as of March 31, according to the Federal Depositr Insurance Corp. Regulators require that ratio to be at leastf 10 percent in order for the bank to beconsiderefd “well-capitalized.” The bank grew totaol assets by 64.3 percent to $858.4 million in the first quarter compared to a year Total loans increased 51.4 percent to nearly $665.8 millionj and total deposits jumped 85.2 percent to $687.
65 million during that same “This infusion of new capitalp is a vote of confidence from our existing shareholders that will allow FBG (Florida Bank Group) to enhancw its financial strength and even further distinguish itself amongf other banks in the market said the company’s Chairmanh and CEO, Robert Rothman, in the announcement. “This economixc climate offers unique opportunities to grow and increaswe our customer base as consumers and businesses areseeking strong, safe bankingh institutions.
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