Florida Bank Group, Inc. (FBG), a Tampa-based bank holding company, today announced: (i) the combination of its operations in the greater Jacksonville area, which will operate under the name Florida Bank of Jacksonville, (ii) the opening of Florida Bank of Sarasota in Sarasota, and (iii) the establishment of Florida Bank Mortgage.
Florida Bank of Jacksonville added its second banking office through a combination with Bank of North Florida. Florida Bank of Jacksonville, formerly known as Cygnet Private Bank, was acquired by FBG on September 1, 2007. Through the combination, Florida Bank of Jacksonville will continue to operate its existing Ponte Vedra Beach office and move its headquarters to the downtown Jacksonville office at 135 W. Bay Street, the former headquarters of the Bank of North Florida. Additionally, the boards of directors and management of the two banks merged. Thomas E. Gibbs will serve as chairman and J. Stewart Baker will be the president and CEO. Mr. Gibbs and Mr. Baker held these positions with the Bank of North Florida. In addition, T. Edwin Stinson will become EVP and chief financial officer. Upon closing the transaction, Florida Bank of Jacksonville had approximately $160 million in assets and $25 million in total equity. Construction is underway on a third banking office in the Avondale/Ortega area at San Juan Avenue and Herschel Street. In addition, Florida Bank of Jacksonville will establish a new full-service office in Ponte Vedra Beach, in a newly renovated, free-standing building on A1A between J. Turner Butler Boulevard and Solana Road.
Baker commented, "This combination creates a bank that is much more than the sum of its parts." He continued, "With increased resources, greater customer convenience and deeper professional expertise, Florida Bank of Jacksonville will drive greater value into each client relationship and provide enhanced services through the strength of its team of bankers in the market."
FBG also announced today the opening of Florida Bank of Sarasota in Sarasota. Veteran Florida banker Michael Worthington will serve as the president and CEO. Florida Bank of Sarasota opened its main office at 1432 First Street on January 24, 2008. Plans are underway to establish a new full- service office later this year. With approximately $18 million in capital, Florida Bank of Sarasota is well positioned for growth and expansion.
Worthington stated, "I am proud and energized to bring together a team of Sarasota's elite banking professionals." He added, "With this level of capital and human resources, I am confident that Florida Bank of Sarasota will become a leading community bank serving the Sarasota market."
Corey J. Coughlin, FBG president and CEO, commented, "We have combined two strong organizations into one bank that will be able to more effectively serve its customers in the greater Jacksonville market. In addition, this combination provided a perfect opportunity to enter a new market with a separately chartered bank, its own local board of directors and local management team." He continued, "With four banks serving four markets in Florida, we are well on our way to building a statewide network of true community banks."
FBG also announced today that it has moved to strengthen its residential mortgage origination capability by attracting industry veteran Randy Freese to lead its residential mortgage efforts under the name Florida Bank Mortgage. Freese offered, "In response to the recent developments in the mortgage origination market, we believe that community banks are well positioned to expand into this market by virtue of the relationship of trust we enjoy with our customers." Florida Bank Mortgage will be a dedicated operation, which will allow FBG to offer mortgage services statewide. -- Florida Bank Group, Inc.
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