Naples bank forms a holding company to make acquisitions.
NAPLES — Shareholders of First National Bank of the Gulf Coast approved a plan to form TGR Financial as the bank's holding company, the bank announced.
The move will give shareholders greater flexibility in structuring mergers and acquisitions, says Chairman and CEO Gary Tice in a statement. “Additionally, the holding company structure allows for greater access to funding and capital alternatives,” he says.
More than two-thirds of the shareholders approved the plan, which calls for each share of First National Bank to be exchanged for one share of TGR. “The establishment of TGR Financial will provide the company with increased flexibility in structuring mergers and acquisitions as the bank begins to expand into other markets within the state of Florida, and looks to diversify into other financial service providers,” says Tice in the statement.
In July, First National Bank acquired most of the assets and all of the deposits of The Royal Palm Bank of Naples from the Federal Deposit Insurance Corp. after state regulators shut down the bank. Royal Palm Bank had three offices in Naples, Marco Island and Fort Myers.
First National Bank currently has $570 million in assets and operates from five offices, including its headquarters in Naples.