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Bank of Florida, the three-bank holding company in Naples, was forced to postpone a plan to raise at least $71 million after investors shunned its stock offering (symbol: BOFL).
Several Florida banks raised capital this summer as investors started putting money back into the industry. That gave hope to Bank of Florida and others that they too might get the capital they need to make it through the recession.
But investors turned skittish the week after regulators shut down Orion Bank, the second-largest bank on the Gulf Coast on Nov. 13, the same day they also shut down Century Bank in Sarasota. Meanwhile, several publicly held Florida banks reported grim results in the third quarter, further dampening investor interest.
Investors weren't kind to Bank of Florida when news of the postponement was announced on Nov. 19. The bank's shares fell 36% to 64 cents in the two trading days following the announcement.
Bank of Florida executives say they are monitoring the markets to gauge investor interest and are working on undisclosed alternatives to raising capital.
The bank-holding company is parent of three separately chartered Bank of Florida banks in Naples, Tampa and Fort Lauderdale. With the three banks combined, Bank of Florida has $1.5 billion in assets, making it the fourth largest on the Gulf Coast in assets.
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