Bancshares of Florida Inc. in Naples has filed a registration statement with the Securities and Exchange Commission to offer up to 2.5 million common shares.
In its filing March 31, the $570 million-asset company said it expects to raise $50 million from the offering.
Bancshares of Florida plans to use part of the money to pay the cash portion of its $21 million deal, announced early last month, to buy the $93 million-asset Bristol Bank of Coral Gables. About 30% of the deal price, or $6.3 million, is to be paid in cash.
The company also plans to use $10 million to capitalize a start-up bank in Palm Beach County, $8 million to boost the capital of its Bank of Florida, Tampa Bay, and $3 million to pay off debt for that unit. It has not determined what it would do with the remaining $22.7 million, according to the filing, but it said that it may use a portion of it for future acquisitions.
