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Tampa Bay-Lakeland
Business Observer Saturday, May 29, 2010 10 years ago

Bank of Florida shut down

Three subsidiaries of Bank of Florida have been shut.

Regulators shut down three subsidiary banks of Naples-based Bank of Florida Corp. and sold the assets and deposits to EverBank of Jacksonville.

Holding company Bank of Florida Corp. still owns one other subsidiary, Bank of Florida Trust Co. Neither the holding company nor the trust company was part of the transaction.

State regulators shut down Bank of Florida — Southwest in Naples, Bank of Florida — Tampa Bay in Tampa and Bank of Florida — Southeast in Fort Lauderdale on May 28. The Florida Office of Financial Regulation appointed the FDIC as receiver.

The FDIC and EverBank entered into a loss-share agreement on nearly all the banks' assets, which totaled about $1.2 billion. All the bank's branches will reopen as branches of EverBank on June 1.

Bank of Florida, a publicly traded company (symbol: BOFL), was in the process of attempting to raise $72 million to recapitalize its three banks, which had suffered losses from the real estate collapse. It lost $48.2 million in its most recent quarter on top of $148 million it lost in 2009.

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