North American Financial plans to merge TIB Bank with its other holdings.
Those who bring capital to the bank should get to name it, too.
North American Financial Holdings, which acquired TIB Financial, parent of TIB Bank, now plans to merge the Naples bank with other recent acquisitions. NAFH, headed by former Bank of America Vice Chairman Eugene Taylor, invested $175 million into TIB last year.
Appropriately, the new entity will be called Capital Bank, and its headquarters will be in Miami.
Thomas Longe, TIB's market president for Southwest Florida and the Keys, says visible signs of the change may come in the third quarter following approval by regulators at the Office of the Comptroller of the Currency expected in the second quarter.
The merger will combine TIB with NAFH National Bank, which was formed by the acquisition of two small Miami banks last year, and Capital Bank of Raleigh, N.C., also acquired last year. The combined entity will adopt the Capital Bank name and its combined assets will total $5 billion with 80 locations.
In addition, the various holding companies, including TIB Financial, will be merged later this year after NAFH files an application with the Federal Reserve, Longe says.
Despite consolidating charters, Longe says the deal is not expected to impact the bank's Gulf Coast employment because the additional business the combined banks should generate. Besides, most of TIB's back-office operations are currently located near Miami in Homestead, not Naples.