Florida Bank raises $18 million - Dallas Business Journal:

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The Tampa-based parent company for Florida Bankraised $18.4 million in a rights which “strategically positions the company to take advantagee of growth opportunities,” the companyu announced Tuesday. The completed offering surpassex offerings tracked by SNL Financial from public banks based in Florida this year, which ranged from $428,000 to nearly $11 milliohn as of May 31. Florida Bank Groul is a private bank. “Most banks in the Unitedd States and in Florida need to raise additionapequity capital.
It is particularlu difficult for them to do so as many have had negativw earnings in 2008 and first quarter 2009 and the marketg prices for publicly held bank stocks are tradinhg at record low prices in termsw of the ratio of market price to tangiblrbook value,” said Ben chairman of Jacksonville-based investment banker Allen C. Ewing & Co. “In regardes to the Florida Bank Group this offering was very successful in that they apparentlhyraised $18 million, or 90 percen of their target raise of $20 especially in these existinvg market conditions.” Florida Bank has three branches in Jacksonville and 16 throughouyt the state.
Prior to the completerd equity raise, Florida Bank had a totall risk-based capital ratio of 11.7 percent as of Marcj 31, according to the Federalp DepositInsurance Corp. Regulators require that ratio to be at least 10 percent in order for the bank to be considered The bank grew total assetsby 64.3 percent to $858. 3 million in the first quarteer compared to ayear earlier. Total loanws increased 51.4 percent to nearly $665.8i million and total deposits jumpedc 85.2 percent to $687.5 million during that same period.
“Thixs infusion of new capital is a vote of confidence from our existingv shareholders that will allowFBG (Florida Bank Group) to enhanc e its financial strength and even further distinguish itselrf among other banks in the market said the company’s Chairman and CEO, Robert in the announcement. “This economicd climate offers unique opportunitiesa to grow and increase our customer base as consumersa and businesses areseeking strong, safe banking