Bank of Florida suitors abound

As Naples-based Bank of Florida races to raise $72 million in capital to keep regulators from shutting down its three subsidiary banks, speculation is rampant about potential acquirers — in or out of receivership.

The online chat boards were abuzz recently with speculation buyers might be Fifth Third Bancorp, which might seek to boost its statewide presence after its acquisition of Naples-based First National Bankshares of Florida at the peak of the market in 2005. A Fifth Third spokeswoman declined to comment on the speculation.

But there are many others who might be contenders. These include IberiaBank, which acquired assets and deposits last fall of the failed Orion Bank in receivership, and BB&T, which did the same thing with Colonial Bank earlier in 2009.

Other potential buyers include new entrants into the Florida market, including Mutual of Omaha Bank, TD Bank and Bond Street Holdings, which acquired Florida Community Bank in Immokalee earlier this year.

Bank of Florida, which operates subsidiaries by the same name in Tampa, Naples and Fort Lauderdale, posted $48.2 million in net losses in the first quarter. The $1.5-billion-asset bank-holding company posted $147.6 million in losses in 2009 and regulators consider its subsidiary banks “critically undercapitalized.”