An affiliate ofHovde Private Equity Advisors LLC has completed an $11 million capital infusion into FirstAtlantic Financial Holdings Inc. in Jacksonville, Fla.
The transaction between Hovde's Financial Services Partners Fund I and the $205 million-asset FirstAtlantic allows for Hovde to invest up to a total of $25 million over time. However, its stake in the company would not go above 24.9%.
In connection with the capital raise, Hovde said in a press release Monday that Joseph J. Thomas, a managing director, was added to FirstAtlantic's board.
Hovde, of Washington, said that the proceeds of its investment would allow FirstAtlantic to take advantage of significant organic growth opportunities and failed-bank acquisitions throughout Florida.