Legacy Bank of Florida in Boca Raton raised $1.7 million in the third quarter, but remains short of the capital levels required by a regulatory consent order.
The $256 million-asset bank raised the money mostly from its existing shareholders and plans to continue raising capital this quarter, according to a report published Monday in the South Florida Business Journal. The bank can raise up to $10 million under its current offering, the report said.
Legacy Bank was not immediately available for comment.
The bank is under a 2011 consent order with the Federal Deposit Insurance Corp. requiring it to hold Tier 1 capital of 8% and total risk-based capital of 12%. Those ratios were 5.45% and 8.50% at Sept. 30, according to the FDIC.
The bank earned $121,000 in the third quarter, according to the Business Journal, after reporting a loss of $928,000 a year earlier. It has earned $519,000 in 2013, after losing roughly $2.9 million last year.