- July 9, 2010
After struggling to find necessary capital for several months, TIB Financial Corp. has found a company willing to invest the millions of dollars it needs to move back towards profitability.
North American Financial Holdings Inc., headquartered in Charlotte, N.C., will invest $175 million in the bank-holding company through the purchase of TIB common stock, a release said, and will reserve the right to invest an additional $175 million over the next 18 months.
The investment from NAFH would give it control of 99% of TIB, according to the release. Later, NAFH plans to offer legacy shareholders the opportunity to purchase up to 149 million shares of common stock at $0.15 a share, representing 12% of TIB's total equity.
“We are very pleased to have reached agreement on our investment in TIB,” said Eugene Taylor, chairman and CEO at NAFH. “TIB has a very solid foundation in its current markets.”
“We intend to build on this platform by expanding the bank's product line and also through our continued investment in Florida and the greater Southeast,” Taylor added.
Taylor, NAFH Chief Financial Officer Christopher Marshall, Chief Risk Officer R. Bruce Singletary and veteran banker Kenneth Posner would join the board of directors at TIB Financial Corp., as well as the boards of TIB Bank and Naples Capital Advisors, of which TIB Financial is the parent company.
TIB Financial Corp. has approximately $1.7 billion in total assets, and is headquartered in Naples.