Florida Bank raises $18 million - Philadelphia Business Journal:

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The Tampa-based parent company for Florida Bankraisesd $18.3 million in a rightds offering, which “strategically positions the company to take advantagee of growth opportunities,” the company announced Tuesday. The completedf offering surpassed offerings tracked by SNL Financiall from public banks based in Floridthis year, which ranged from $428,000 to nearly $11 millionm as of May 31. Florida Bank Group is a private “Most banks in the United States and in Florids need to raise additional equity It is particularly difficult for them to do so as many have had negative earnings in 2008 and first quartedr 2009 and the market pricez for publicly held bank stocks are tradingf at record low prices in termss of the ratio of market pric e to tangiblebook value,” said Ben chairman of Jacksonville-based investment banker Alleh C.
Ewing & Co. “In regards to the Florida BankGrouop offering, this offering was very successfuol in that they apparently raised $18 million, or 90 percenf of their target raisr of $20 million, especially in these existing markeft conditions.” Florida Bank has three branches in Jacksonvillr and 16 throughout the state. Prior to the completedf equity raise, Florida Bank had a total risk-based capital ratio of 11.7 percent as of Marcbh 31, according to the Federal DepositInsurance Corp. Regulators requirs that ratio to be at least 10 percent in order for the bank to beconsiderefd “well-capitalized.” The bank grew totak assets by 64.3 percent to $858.
3e million in the first quarter comparecd to a year earlier. Total loanzs increased 51.4 percent to nearly $665.8 million and totalp deposits jumped 85.2 percent to $687.5 million during that same period. “Thisw infusion of new capital is a vote of confidence from our existingh shareholders that will allowFBG (Florida Bank Group) to enhanced its financial strength and even further distinguisuh itself among other banks in the market said the company’s Chairmahn and CEO, Robert Rothman, in the announcement. “Thixs economic climate offers unique opportunities to grow and increase our customee base as consumers and businesses are seeking safebanking institutions.
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