Loading
DADE CITY — The parent company of First National Bank of Pasco, Florida Bancshares Inc., has accomplished a feat many other Gulf Coast banks have struggled with: It successfully raised capital.
First National Bank of Pasco, with $160 million in assets at the end of 2011 and three branches in east Pasco County, raised $3.5 million. The funds, still subject to federal regulatory approval, come from Ategra Capital Management, a suburban Washington D.C. investment bank. Ategra's investment would give it a 28% stake in the bank.
“Private equity is very hard to get,” First National Bank of Pasco President and CEO Steve Hickman told the Business Review today. “Without Ategra we wouldn't be able to do this.”
Hickman expects the deal to close within the second or third quarter. He says the bank will then use the capital infusion to grow its presence, possibly into northern Hillsborough and Pinellas counties. “We're not going to sell the bank,” said Hickman. “We're a survivor.”
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
