Private equity eyes TIB Financial

Private equity funds are circling Gulf Coast banks.

One potential deal surfaced recently when Patriot Financial Partners submitted an application Oct. 22 with federal regulators for permission to acquire up to 19.9% of Naples-based TIB Financial Corp., the parent of TIB Bank.

Philadelphia-based Patriot is a private-equity fund with more than $300 million in capital that invests in community banks and thrifts. Patriot bills itself as a “value” investor, seeking out companies whose stocks it believes are undervalued and holding them for the long term.