A group that wants to open a thrift in Miami-Dade County is seeking to raise $11.5 million to $20 million in an initial public offering.

American Bank of Florida in Pinecrest recently received conditional approvals from the Office of Thrift Supervision and the Federal Deposit Insurance Corp., and organizers expect to have it up and running in the spring.

Bank organizers hope to sell a minimum of 1,030,000 shares and a maximum of 1,880,000 shares of common stock at $10 per share. The organizers will hold a minimum of 10.65% of the shares.

Robert L. Bonnet is to be the bank's chairman, president, and chief executive officer. He was a regional president for CommerceBank NA from May 2006 to February 2007. He was also the co-founder, president, and CEO of Florida Savings Bancorp and its Pinecrest subsidiary, Florida Savings Bank, from 1998 to 2006.

In 2006, Florida Savings Bank sold itself to CommerceBank in Coral Gables. CommerceBank is a subsidiary of Mercantil Servicios Financieros of Venezuela.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.