Beach Community Bank in Fort Walton Beach, Fla., has new ownership, new leadership and new capital.
The $475 million-asset bank said its holding company had sold it to an unnamed group of investors through a bankruptcy process. The investors infused $100 million into Beach Community as part of a recapitalization led by Hovde Group.
Carl Chaney was named the bank’s executive chairman. Chaney once served as CEO of Hancock Holding in Gulfport, Miss. He was also hired to try to salvage First NBC Bank in New Orleans before it failed last year.
The bank also announced that Chip Reeves had become its president and CEO. Reeves previously was president and chief operating officer at Bank of the Cascades.
Beach Community was stung by the financial crisis and the Deepwater Horizon oil spill in 2010.
“This capital injection will restore the bank to well-capitalized status, allowing us to focus on being a strong and secure community bank, as well as opportunities for future expansion,” Chaney said in a press release.
“We sincerely appreciate the unwavering support of our loyal customers and dedicated team of bankers,” Reeves said. The recapitalization “represents an exciting new chapter for Beach Community Bank. We will focus our energies on executing a new growth plan in our primary and secondary markets.”