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TIB gets plenty of banking company

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  • | 12:58 p.m. July 28, 2010
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North American Financial Holdings, the investor group that announced plans to acquire Naples-based TIB Financial, isn't wasting any time building a banking franchise.

NAFH acquired three failed banks on July 16 from the Federal Deposit Insurance Corp., including two in Florida: Metro Bank of Dade County and Turnberry Bank of Aventura. The investor group composed of former Bank of America executives also acquired the assets and deposits of First National Bank of the South in Spartanburg, S.C.

Eventually, the banks that NAFH acquires will be rolled into one, though it's not clear yet whether that will be TIB Bank, the third-largest bank headquartered on the Gulf Coast with nearly $1.7 billion in assets. Already, TIB and the three failed banks have assets totaling $3 billion, says Thomas Longe, vice chairman, CEO and president of TIB Financial.

“We're very excited,” Longe says. “It's a great footprint.”


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