Naples-based TIB Bank is already one of the largest banks headquartered on the Gulf Coast with $1.7 billion in assets, but it could get a lot bigger.
Now that a group of former Bank of America executives completed a $175 million investment in the bank's parent company, TIB Financial, the bank will become part of a larger network that could eventually have total assets of as much as $10 billion to $15 billion, executives say.
North American Financial Holdings may invest another $175 million in TIB over the next 18 months to acquire more banks. Eugene Taylor, the former vice chairman of Bank of America, is North American's chairman and CEO and the group counts former Bank of America Chairman and CEO Hugh McColl Jr. as one of its investors. Taylor is now also chairman and CEO of TIB.
Besides TIB, North American earlier this summer acquired three failed banks from the Federal Deposit Insurance Corp, including two in Florida: Metro Bank of Dade County and Turnberry Bank of Aventura. The investor group also acquired First National Bank of the South in Spartanburg, S.C.
“We're the lead platform for that group of companies,” says Thomas Longe, the former CEO and president of TIB Financial and now the company's market area president.
Together, the group of banks cobbled together by North American so far has assets totaling about $2.8 billion, 70% of which are in Florida.
For now, TIB will remain headquartered in Naples and the bank's name won't be changed. TIB's existing shareholders, whose holdings were essentially wiped out by stock dilution in the North American transaction, will have another opportunity to invest in TIB now that it's under new ownership. The offering will most likely take place early next year. The stock (symbol: TIBB) recently traded at 40 cents per share.