Bank of Florida

Bank of Florida Corporation was a bank holding company based in Naples, Florida. The company operated 3 separate banks: Bank of Florida – Southwest, Bank of Florida – Southeast, and Bank of Florida – Tampa Bay.

Bank of Florida Corporation
IndustryBanking
FoundedAugust 24, 1999 (1999-08-24)
DefunctMay 28, 2010 (2010-05-28)
FateBank failure; assets acquired by EverBank
HeadquartersNaples, Florida
Key people
 Michael L. McMullan, President & CEO
Tracy L. Keegan, CFO
RevenueDecrease $0.071 billion (2009)
Decrease -$0.147 billion (2009)
Total assetsIncrease $1.529 billion (2009)
Total equityDecrease $0.165 billion (2009)
Number of employees
218 (2009)
Footnotes / references
[1]

On Friday, May 28, 2010, as a result of bank failure, the banks were shut down by the Florida Office of Financial Regulation. They were placed into receivership and the Federal Deposit Insurance Corporation was named receiver. The assets of the banks were sold to EverBank.

At the time of the failure, Francis Rooney, the former U.S. ambassador to the Vatican, was the largest single shareholder of the bank, owning 3.38%.[2]

History

On August 24, 1999, Bank of Florida – Southwest commenced operations in Naples, Florida.[1]

On July 16, 2002, Bank of Florida – Southeast opened for business in Fort Lauderdale, Florida.[1]

On November 5, 2004, Bank of Florida – Tampa Bay opened for business in Tampa, Florida.[1]

In the first quarter of 2010, Florida regulators warned the bank to raise capital or face being shut down.[3]

On Friday, May 28, 2010, as a result of bank failure, the banks were shut down by the Florida Office of Financial Regulation. They were placed into receivership and the Federal Deposit Insurance Corporation was named receiver. The assets of the banks were sold to EverBank.[4]

References
  1. "Bank of Florida Corporation 2009 Form 10-K Annual Report". U.S. Securities and Exchange Commission.
  2. Layden, Laura (June 17, 2010). "SEC records reveal names of failed Bank of Florida's prominent shareholders". Naples Daily News.
  3. Bandell, Brian (May 3, 2010). "Bank of Florida in critical state". American City Business Journals.
  4. Bandell, Brian (May 28, 2010). "EverBank snags failed Bank of Florida". American City Business Journals.
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