First National raises $148M

NAPLES — First National Bank of the Gulf Coast raised $148 million from private investors, further signifying a recovery in the banking sector.

The Naples-based bank will use $40 million to finance its internal growth. The remaining $108 million will be used for “other expansion opportunities,” a statement says, likely including acquisitions.

Lightyear Capital LLC, a New York-based group, and GMT Capital Corp., an Atlanta-based firm, were named as key investors in the release. As part of the deal, Lightyear's Chris Casciato (managing director) and GMT's Adam Compton (vice president) will join First National's board of directors.