Bank oversells target with $5.6M capital raise

SARASOTA — Local banker Neil McCurry has succeeded where few other peers have lately: He completed a capital raise for a community bank that went so well it oversold its original goal.

In fact, McCurry, with Sarasota-based Sabal Palm Bank, led a stock offering that raised $5.6 million — $1.6 million more than the original goal of $4 million, according to a release. McCurry, in conjunction with a prior agreement has been named CEO of the bank, which had $83.3 million in assets at the end of 2012. Sabal Palm founder Brian Hall, according to the release, will remain president and both executives will have a seat on the bank's board.

Bank officials have previously said the capital raise wasn't an effort to shore up its balance sheet. Now the bank, according to McCurry, expects to use the new capital to grow its loan and deposit base and add products and services.