The new owners of Florida's Admiralty Bank have ambitious goals for their investment: to expand the $40 million-asset institution to $1 billion in just seven years.

A group led by Bruce A. Mahon, now its chairman, bought Palm Beach Gardens-based Admiralty for $8 million in February. Mr. Mahon is chairman of Princeton, N.J.'s, Carnegie Bancorp, which announced in December that it would sell to Sovereign Bancorp, Wyomissing, Pa.

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