First National Bank of the Gulf Coast in Naples, Fla., said it is raising $148 million in capital through a private placement.
The $329.4 million-asset bank said the first placement of $40 million will help it grow in western Florida. The remaining $108 million would allow it to bid on failed banks offered by the Federal Deposit Insurance Corp.
First National, which expects to receive the first capital infusion by April 29, said it is interested in traditional bank acquisitions and opening loan production offices. The bank said it is planning a shareholder rights offering after the private placement to give existing investors an chance to buy common stock at the same price.
The bank is selling the common stock at $5 a share to a group of investors that includes Lightyear Capital LLC and GMT Capital Corp. Chris Casciato, a managing director at Lightyear, and Adam Compton, the head of the financial services sector at GMT, will join the bank's board.
