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North American Financial Holdings Inc. officially invested $175 million into TIB Financial Corp. yesterday, as the deal announced back in June finally closed. NAFH receives 37,000 shares of preferred stock in the deal, as well as $12.2 million worth of TIB common stock (symbol: TIBB).
NAFH reserves the right to invest an additional $175 million into the Naples-based company at any time before March 30, 2012.
NAFH will also install three members of its management team to the board of directors at TIB. R. Eugene Taylor, the firm's CEO, will be named chairman of the board. Christopher Marshall and R. Bruce Singletary, chief financial officer and chief risk officer, respectively, will also be named directors.
Taylor will also take on the CEO role for TIB, replacing Thomas Longe, who will become market area president for the bank.
North American Financial Holdings Inc. is based in Charlotte. The company plans to invest the $900 million in equity capital it recently raised in undercapitalized banks across the country.
TIB Financial Corp. manages approximately $1.7 billion in assets.