Hugh McColl still confident in banks

Florida banks may be in the dumps now, but that's not going to last forever. Hugh McColl Jr., the man who built Bank of America into a national franchise, tells the Business Review he's confident in the future of Florida banking.

Through his investment firm, Falfurrias Capital Partners, McColl is backing former Bank of America Vice Chairman Gene Taylor's North American Financial Holdings. The Charlotte-based investment firm has agreed to invest $175 million in Naples-based TIB Financial in exchange for control of the bank-holding company, parent of TIB Bank.

McColl, the retired chairman and CEO of Bank of America, says Taylor's strength is “streamlining banks and making them more efficient.” Indeed, North American executives have said they may invest another $175 million in TIB, which could be used to acquire more banks.