Anchor Commercial Bank in Juno Beach, Fla., is close to raising $20 million in capital from a group of South Florida investors.
The $148.1 million-asset bank has a letter of intent with a group that includes Hugo Castro a former chief executive at Sun American Bank, according to the Wednesday online edition of the South Florida Business Journal. Sun American failed in 2010, but Anchor told the publication that Castro had left the bank three years earlier and that its problems were tied to his successors.
Castro would lead Anchor following the recapitalization, the report said.
The bank has been labeled as undercapitalized and has been under a regulatory order to raise capital since March 2010, the publication said. Anchor plans to sell additional stock to other investors, though it plans to remain a privately held company.