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In the midst of the credit collapse and tightening federal standards, opening a bank on the Gulf Coast has been all but impossible.
First National Bank of the Gulf Coast has plenty of first-hand experience to prove it. But the start-up has nonetheless found a way to do so by merging with Panther Community Bank of Lehigh Acres after receiving the initial blessing of the Federal Deposit Insurance Corp.
First National Bank of the Gulf Coast will combine with the $50-million Panther Community Bank and open a branch in Naples no later than November, retaining Panther's branch in Lehigh Acres.
Bank veteran Gary Tice, chairman and CEO of First national Bank, explains that the new branch wants to provide better service to local residents than existing banks.
“We believe there is a tremendous need for a strongly capitalized, independent community bank that is dedicated to serving the unique needs of residents and business owners in Southwest Florida,” Tice said.
The economic problems the country and state are facing are amplified by the lack of financing. Tice hopes to do his part to kick start the Naples economy by being less reticent to loan than banks saddled with struggling loan portfolios.
First National Bank of the Gulf Coast will operate three full-time locations with a combined 65 employees.
Final regulatory approval from the Office of the Comptroller of the Currency is expected in August and First National is planning a stock offering to raise the necessary capital.
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