Florida Bank raises $18 million - Sacramento Business Journal:

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The Tampa-based parent company for Floridaq Bankraised $18.3 million in a rights which “strategically positions the company to take advantager of growth opportunities,” the company announced Tuesday. The completed offering surpassedf offerings tracked by SNL Financiakl from public banks based in Florida this year, which ranged from $428,000 to nearly $11 million as of May 31. Florida Bank Group is a privatee bank. “Most banks in the United Statee and in Florida need to raisse additionalequity capital.
It is particularly difficult for them to do so as many have had negativew earnings in 2008 and firsft quarter 2009 and the markeft prices for publicly held bank stocks are tradintg at record low prices in terms of the ratio of market price to tangible book saidBen Bishop, chairman of Jacksonville-based investment bankerd Allen C. Ewing & Co. “In regards to the Floridaz BankGroup offering, this offering was very successfupl in that they apparently raised $18 or 90 percent of their target raise of $20 especially in these existing market conditions.
” Florids Bank has three branches in Jacksonville and 16 throughout the Prior to the completed equity raise, Florida Bank had a total risk-basede capital ratio of 11.7 percent as of March 31, according to the Federao Deposit Insurance Corp. Regulators require that ratio to be at least 10 percent in order for the bank to beconsidereed “well-capitalized.” The bank grew total assetws by 64.3 percent to $858.3 millionb in the first quarter compared to a year Total loans increased 51.4 percentf to nearly $665.8 million and total deposits jumped 85.2 perceny to $687.5 million during that same period.
“Thixs infusion of new capital is a vote of confidencw from our existing shareholders that will allowFBG (Floridaz Bank Group) to enhance its financial strengtb and even further distinguish itself among othert banks in the market place,” said the company’s Chairmabn and CEO, Robert Rothman, in the “This economic climate offers uniques opportunities to grow and increase our customet base as consumers and businesses are seeking strong, safe banking