TIB Financial shares to Patriot

Patriot Financial Partners, a private equity fund that invests in community banks, is on the verge of a $25 million capital infusion into TIB Financial Corp.

Naples-based TIB, the parent of TIB Bank, must raise $150 million in total capital in order for the Patriot deal to go through, according to a Securities and Exchange Commission filing. The Patriot investment will likely be between $20 million and $25 million.

“Upon the company securing firm commitments for a majority of the $150 million of capital to be raised,” the TIB filing states, “Patriot will negotiate a stock purchase agreement setting forth the terms of the proposed investment.”

The filing for TIB (NASDAQ:TIBB) stipulates that Patriot may not obtain an ownership stake that exceeds 19.9% of the company's outstanding shares and that the unit price of purchased shares may not exceed 70 cents.

The Review first reported on this deal in October 2009 (link).