TIB stock split, but in reverse

When TIB Financial Corp. sold to a group of former Bank of America executives recently, the Naples-based parent of TIB Bank did so by issuing millions of new shares. The new shares diluted existing shareholders and gave North American Financial Holdings control of 99% of the company. Now under North American's control, TIB has asked for shareholder approval to authorize as many as 5 billion shares for “future purposes” at the upcoming annual meeting, securities filing show.