Loading
TAMPA — GulfShore Bancshares, the holding company for Tampa-based GulfShore Bank, has completed a $6 million capital raise.
The $234 million-asset bank announced the successful raise today in a news release. Bank officials say the institution closed on $1.59 million of the capital raise Dec. 31. It then released the remaining funds from escrow March 29, for a total capital raise of $6.05 million.
Gulfshore Bank President Joe Caballero says the funds were raised from current bank shareholders; local investors; and two private equity firms, Fortress'¨Partners Banc Ventures and a Cleveland-based private equity investor. The bank, adds Caballero in the release, will use the capital to grow its lending portfolio.
Gulfshore Bank becomes the second community bank in the region to raise capital in recent months, joining Sarasota-based Sabal Palm Bank, which raised $5.6 million earlier this year. Sabal Palm is an $83.3 million-asset bank. (Read more about that raise here. http://www.review.net/section/detail/bank-oversells-target-with-5.6m-capital-raise/)
“As far as we can determine, this is one of only a few private raises in the country for an institution our size that was not priced at distressed values, since we've been profitable for seven consecutive quarters,” Caballero says in the release. “Because of this, there were not any eroded capital issues or large losses from non-performing loans caused by the global economic downturn involved. ”
GulfShore Bank, founded in 2007, has an office in downtown Tampa and on South MacDill Avenue.
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.
