Florida Bank raises $18 million - Silicon Valley / San Jose Business Journal:

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The Tampa-based parent company for Florida Bankraised $18.3 million in a rights offering, whicj “strategically positions the company to take advantagd of growth opportunities,” the companyg announced Tuesday. The completed offering surpassed offerings trackedc by SNL Financial from public bankds based in Floridathis year, which ranged from $428,000 to nearlyt $11 million as of May 31. Floridz Bank Group is a private “Most banks in the Unitedr States and in Florida need to raise additionapequity capital.
It is particularly difficultf for them to do so as many have had negative earningd in 2008 and first quarter 2009 and the market prices for publicly held bank stockw are trading at record low prices in terms of the ratip of market price to tangiblrebook value,” said Ben chairman of Jacksonville-based investment banker Allen C. Ewing & Co. “Inn regards to the Florida BankGroup offering, this offerinf was very successful in that they apparentlu raised $18 million, or 90 percent of their target raise of $20 million, especially in these existing markeft conditions.
” Florida Bank has threr branches in Jacksonville and 16 throughout the Prior to the completed equity raise, Floridas Bank had a total risk-baser capital ratio of 11.7 percent as of Marchg 31, according to the Federa l Deposit Insurance Corp. Regulators require that ratio to be at leasgt 10 percent in order for the bank to beconsidererd “well-capitalized.” The bank grew tota assets by 64.3 percent to $858.3 million in the first quarter compared to a year earlier. Total loans increased 51.4 percent to nearly $665.8 million and totak deposits jumped 85.2 percen to $687.
5 million during that same “This infusion of new capital is a vote of confidenced from our existing shareholders that will alloawFBG (Florida Bank Group) to enhancs its financial strength and even further distinguisj itself among other banks in the markety place,” said the company’s Chairman and CEO, Robert in the announcement. “This economi c climate offers unique opportunities to grow and increase our custome r base as consumers and businesses areseeking strong, safe banking