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Business Observer Thursday, Dec. 24, 2009 12 years ago

Gulf Coast bank stocks rally on news

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The publicly traded stocks of two beleaguered Florida bank-holding companies in Naples, TIB Financial and Bank of Florida, surged earlier this week on news that former Bank of America Chief Executive Officer Hugh McColl is among a group of investors seeking to invest in Florida bank assets.

The publicly traded stocks of two beleaguered Florida bank-holding companies in Naples, TIB Financial and Bank of Florida, surged earlier this week on news that former Bank of America Chief Executive Officer Hugh McColl is among a group of investors seeking to invest in Florida bank assets.

Bank of Florida (symbol: BOFL) rose 27% on Dec. 21 after Bloomberg reported that McColl and other investors of Charlotte, N.C.-based Falfurrias Capital Partners are raising as much as $600 million to invest in assets of Florida banks. Meanwhile, the stock of TIB Financial (symbol: TIBB) rose 33% the same day.

Bank of Florida is the parent of three banks by the same name in Tampa, Naples and Fort Lauderdale. TIB is the parent company of TIB Bank.

Still, the stocks of both companies remain near all-time lows and below $1 a share as they struggle with soured real estate loans.

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