Mercantile boosts Naples bank

Mercantile boosts Naples bank survival
Scratch The Royal Palm Bank of Florida off the endangered-bank list.

Illinois-based parent Mercantile Bancorp provided the Naples-based bank with $11 million in capital, boosting its chances of survival through this cycle.

Royal Palm Bank has been aggressively fixing its balance sheet by shrinking the bank. As of Sept. 30, it had net loans and leases of $107 million, compared with $128 million at the same time last year. The bank posted net losses of $39 million through Sept. 30, though much of that was from non-cash goodwill impairments.