All hands on deck

Editor's Note: After the Review went to press on this story, Bank of Florida announced Nov. 19 that it postponed its common-stock offering. In a statement, Bank of Florida Chief Executive Officer and President Michael McMullan said: “Recent negative industry announcements, including unexpected third quarter losses reported by Florida-based bank holding companies that raised capital in the third quarter, have adversely impacted the capital raising environment. Although we had some positive discussions last week, it appears that public investors are back on the sidelines for the very near future.” McMullan says the bank will focus on other undisclosed capital-raising strategies.

If you're going to try to raise money with a secondary stock offering, it better be enough to last through a worst-case scenario.

Consider the challenges facing Michael McMullan, chief executive officer and president of Bank of Florida Corp., a Naples-based company with assets of $1.5 billion spread among three subsidiary banks in Tampa, Naples and Fort Lauderdale.