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GulfShore Bancshares, Inc. Raises Over $6 Million in Private Funding
GulfShore Bank one of only a handful of financial institutions in the country to complete private placement of common equity from a position of strength.
By: Heidelberg PR
After a partial closing of $1.598 million on Dec. 31, 2012, the remaining funds were released from escrow on March 29, 2013.
According to Gulfshore Bank president, Joe Caballero, the funds were raised from current bank shareholders, other local investors and two private equity firms, Fortress Partners Banc Ventures and a Cleveland-based private equity investor, to support the growth strategy of GulfShore Bank in the greater Tampa Bay area, enhancing the Bank’s lending programs to local businesses and professionals.
“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 said.
“Because of this, there weren’t any eroded capital issues or large losses from non-performing loans caused by the global economic downturn involved,” he said.
Gulfshore Bancshares, Inc. worked with Navigant Capital Advisors, LLC throughout the capital raise process.
Gulfshore Bank 2012 Overview
Gulfshore Bancshares, Inc. ended fiscal year 2012 with a net income after tax of $563,000.
Gulfshore Bank, a de novo bank chartered in Aug., 2007, finished 2012 with $234 million in total assets, $149.7 million of loans outstanding and $203 million in total deposits.
Recently recognized by the Tampa Bay Business Journal for its commitment to the community, Gulfshore Bank continues to support local businesses and professionals as evidenced by a $30 million increase to its loan portfolio – an increase of over 25 percent.
About GulfShore Bank
GulfShore Bank was chartered in August 2007. The bank is headquartered in downtown Tampa, and operates a second location on South MacDill Avenue. Visit www.gulfshorebank.com for more information.