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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.
McColl and Taylor oversaw Bank of America's acquisition of Barnett Banks in 1997, the crown jewel of Florida banking at the time. “I think there will always be a lot of opportunity in Florida as there always has been,” McColl says.
The capital infusion into TIB couldn't come too early. The bank is under regulatory orders to boost capital, though the Federal Reserve Bank of Atlanta on Sept. 15 gave North American the green light to proceed with the TIB deal.
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