Florida

Less than two years after it acquired Federal Trust Bank in Sanford, Fla., so it could qualify for a federal bailout, insurance giant Hartford Financial Services Group Inc. is selling the thrift to another Florida banking company.

Atlantic Coast Capital Corp. in Jacksonville, Fla., said Wednesday that G. Thomas Frankland is now officially its president and chief executive.

In the last year, Michael Brown Sr. raised nearly $330 million, bought a small Florida bank, converted it to a thrift, struck a deal for a weaker competitor, bought a branch from the Federal Deposit Insurance Corp. — and turned 70 years old. The chairman and chief executive officer of HCBF Holding Co. in Palm City says he's just getting started.

Atlantic Coast Financial Corp. in Jacksonville, Fla. said Wednesday that G. Thomas Frankland is now officially its president and chief executive officer. Frankland had been the interim president and CEO since October.

Bond Street Holdings Inc., the most active acquirer of failed banks in Florida, is looking to raise more money to buy even more banks.

Buoyed by a large private-equity investment and the acquisition of another Northeast Florida bank, Jacksonville Bancorp Inc. swung to a $439,000 profit in the first quarter from a $988,000 loss in the same period last year.

Premier American Bank has become the most aggressive failed-bank buyer in Florida, distinguishing itself from the state's other private investor-backed groups by sticking to deals close to home.

WASHINGTON — Premier American Bank in Miami picked up another failed institution Friday, assuming the operations of Coastal Bank in Cocoa Beach, Fla.

The Federal Reserve on Tuesday announced written agreements with three companies.

A week after revealing that a $23 million loss in the first quarter had dropped its equity below zero, BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., said late Monday that it is pursuing a stock offering in hopes of raising $30 million in fresh capital.

A week after revealing that a $23 million loss in the first quarter had dropped its equity below zero, BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., said late Monday that it is pursuing a stock offering in hopes of raising $30 million in fresh capital.

Several frequent buyers of failed banks struck new deals with regulators on Friday for another batch of collapsed institutions. In total, the Federal Deposit Insurance Corp. took five banks into receivership, with a total of $2.16 billion in assets.

First National Bank of the Gulf Coast in Naples on Friday sold the first $40 million of common stock under a planned $148 million private placement.

The Federal Reserve and state regulators in New York and Florida last week issued a cease-and-desist order against Banco Industrial de Venezuela.

First National Bank of the Gulf Coast in Naples, Fla., said it is raising $148 million in capital through a private placement.

Many of these young banks are treading water, at best, waiting for the elusive rebound while coping with higher compliance costs.

The Federal Reserve Board on Tuesday announced enforcement actions against two banks.

Skeptics have often viewed banks with in-store branches as unconventional. Still, several community banks have tested the strategy and concluded it has untapped potential.

BankAtlantic Bancorp Inc. in Fort Lauderdale, Fla., said in its annual report that mounting legal problems could have an adverse effect on its financial results.

When two tiny banks merge to form a slightly less tiny bank, which institution really reaps the efficiencies: the merged entity — or a larger acquirer down the road?