Florida Community Bank in Naples is partnering with Raymond James Financial (RJF) to offer its customers asset management services.
Expanding into asset management has been a "long-standing" goal of the $3.2 billion-asset Florida Community, President and CEO Kent S. Ellert said in a news release.
Raymond James, based in St. Petersburg, is a financial services company with more than 6,200 affiliated advisors and has $400 billion under management.
"It was important for us to align with a firm that not only provides vast resources, but can also meet our expectations for growth." Ellert said in the release.
Florida Community has more than 67,000 customers throughout the state and has 41 branches that it assembled largely through a series of failed-bank acquisitions in the last few years. It is the bank unit of Bond Street Holdings, a blind pool that raised $740 million in 2010 to fund Florida Community's growth.
As a part of the new partnership, William J. Mihm, a current Raymond James financial advisor, will join the bank and represent the new asset management program to current and prospective clients.