Bank of Florida offering stock

Today:

Bank of Florida Corporation's stock offering officially commenced today, following the Securities and Exchange Commission's approval of the company's filing.

Thursday, April 15:

Bank of Florida Corp. is attempting to raise more than $71 million in hopes of attaining adequately capitalized status as defined by federal regulators, according to a Securities and Exchange Commission filing.

The Naples-based bank will try to generate $71,774,194 through a common stock offering of 84,440,228 shares. The price is 85 cents per share.

In the filing the bank notes its estimate of the amount of capital needed may be insufficient. In that case, shareholders would continue to own stock in the bank at the time it's placed into receivership with the Federal Deposit Insurance Corp.

The bank (NASDAQ: BOFL) will return subscribed funds to all investors if it fails to sell all the shares by the end of the offering.