Bank of Florida

Bank of Florida was a Florida-based banking group organized under Bank of Florida Corporation, a bank holding company headquartered in Naples. Rather than operating as a single branch network, the group consisted of three separately identified regional banks: Bank of Florida–Southwest, Bank of Florida–Southeast, and Bank of Florida–Tampa Bay. Their geographic structure was intended to serve distinct Florida markets, with operations centered respectively on Naples and Southwest Florida, Fort Lauderdale and Southeast Florida, and Tampa and the surrounding Tampa Bay region. The group’s first operating bank, Bank of Florida–Southwest, commenced operations in Naples on August 24, 1999. Bank of Florida–Southeast opened in Fort Lauderdale on July 16, 2002, followed by Bank of Florida–Tampa Bay in Tampa on November 5, 2004. These launches established a multi-market Florida banking platform under a common corporate identity. The available reference material identifies the institutions as banks but does not provide a sufficiently detailed product catalogue, branch count, financial statements, or descriptions of particular customer segments. Its core business can therefore be characterized generally as regional banking rather than assigned more specific unverified offerings. By the first quarter of 2010, Florida regulators had warned the bank to raise additional capital or risk being shut down. The warning reflected regulatory concerns about the group’s financial condition, but the available material does not specify the amount of capital sought, the precise deficiencies identified, or the steps taken by management in response. The situation culminated on Friday, May 28, 2010, when the Florida Office of Financial Regulation closed the three banks because of bank failure. The institutions were placed into receivership, and the Federal Deposit Insurance Corporation was appointed receiver. The failed banks’ assets were sold to EverBank. This transaction transferred the relevant assets after the closures, but the available source does not provide detailed terms, customer-account arrangements, liabilities assumed, or the ultimate treatment of the Bank of Florida brand. The bank was therefore defunct after the May 2010 shutdown. At the time of failure, Francis Rooney, a former United States ambassador to the Vatican, was identified as the largest single shareholder, with a 3.38 percent stake. The source does not identify a chief executive, founder, board chair, or other operating executives, and no such individuals are listed here as executives. Bank of Florida’s documented history is consequently defined by regional expansion across three Florida markets, subsequent regulatory pressure to strengthen capital, and failure followed by FDIC receivership and an asset sale to EverBank. No current operations, active website, surviving parent brand, public ticker, or continuing ownership structure is established by the supplied material.

Bank of Florida Corporation was a bank holding company based in Naples, Florida. Its operating structure comprised three separately named banks serving different Florida regions: Bank of Florida–Southwest, Bank of Florida–Southeast, and Bank of Florida–Tampa Bay. The group began with Bank of Florida–Southwest, which commenced operations in Naples on August 24, 1999. The second institution, Bank of Florida–Southeast, opened in Fort Lauderdale on July 16, 2002. Bank of Florida–Tampa Bay followed on November 5, 2004, establishing a presence in Tampa and the Tampa Bay area. Together, these launches created a regional Florida banking platform organized around local markets rather than a single undifferentiated statewide operating entity. The available reference does not provide detailed information about the group’s founding team, management, branch network, deposit products, lending portfolio, financial performance, or corporate strategy. It does, however, document a deterioration in the institution’s regulatory position by the first quarter of 2010. Florida regulators warned Bank of Florida that it needed to raise capital or risk being shut down. No verified amount for the required capital raise or detailed account of the bank’s remediation efforts is available in the supplied material. The regulatory pressure was followed by failure. On Friday, May 28, 2010, the Florida Office of Financial Regulation closed the three Bank of Florida banks. They were placed into receivership, with the Federal Deposit Insurance Corporation appointed as receiver. Their assets were subsequently sold to EverBank. The source does not specify the transaction’s financial terms, the treatment of individual liabilities, or the precise arrangements for customers and employees. At the time of the failure, Francis Rooney, a former United States ambassador to the Vatican, was identified as the largest single shareholder, holding 3.38 percent of the bank. This ownership detail does not establish that he held an executive or management role. The supplied material names no verified chief executive or other senior operating executives. The Bank of Florida brand and its three operating banks are therefore treated as defunct following the May 2010 closures. Their documented corporate arc runs from the launch of a Naples bank in 1999, through expansion into Southeast Florida and Tampa Bay, to regulatory capital concerns, failure, FDIC receivership, and the sale of assets to EverBank.

• 2010

  Capital warning from Florida regulators

  [1]Bank of Floridaen.wikipedia.org

  In the first quarter, regulators warned Bank of Florida to raise capital or face closure.

• 2010

  Closure and receivership

  [1]Bank of Floridaen.wikipedia.org

  On May 28, the Florida Office of Financial Regulation closed the three banks after their failure, and the FDIC became receiver.

• 2010

  Asset sale to EverBank

  [1]Bank of Floridaen.wikipedia.org

  The assets of the failed banks were sold to EverBank after the institutions entered receivership.

• 2004

  Bank of Florida–Tampa Bay opens

  [1]Bank of Floridaen.wikipedia.org

  Bank of Florida–Tampa Bay opened in Tampa on November 5, completing the documented three-bank regional structure.

• 2002

  Bank of Florida–Southeast opens

  [1]Bank of Floridaen.wikipedia.org

  Bank of Florida–Southeast opened for business in Fort Lauderdale on July 16, extending the group into Southeast Florida.

• 1999

  Bank of Florida–Southwest begins operations

  [1]Bank of Floridaen.wikipedia.org

  Bank of Florida–Southwest commenced operations in Naples, Florida, on August 24, establishing the group’s first operating bank.

A Florida-focused regional banking group operating through three geographically distinct bank subsidiaries.

• Banking · 1999

  Regional banking services

  Bank of Florida operated as a regional banking group through three Florida institutions. The supplied reference confirms banking operations but does not provide enough detail to identify specific account types, loan products, fees, or service channels.

• 2010

  Capital-raising response to regulatory warningStrategy

  Background

  Florida regulators warned the bank during the first quarter that it needed to raise capital or face shutdown.

  Action taken

  The available source records the regulatory demand but does not document a completed capital raise or a specific management plan.

  Aftermath

  The three Bank of Florida banks were closed on May 28, 2010, entered receivership, and had their assets sold to EverBank.

  Source

• 2010

  Asset sale following bank failureM&A

  Background

  After the Florida Office of Financial Regulation shut down the three banks, the institutions were placed into FDIC receivership.

  Action taken

  The banks’ assets were sold to EverBank.

  Aftermath

  Bank of Florida’s documented operating institutions ceased to function as active banks, and the brand is treated as defunct.

  Source

1. 1Bank of Floridaen.wikipedia.org