Florida Bank Group raised $5 million in a recent private placement.
The Tampa-based parent of Florida Bank issued 5,107 shares of series C preferred stock, grossing $1,000 a share, according to a filing with the Securities and Exchange Commission. The shares can be converted into common stock after Dec. 31.
The investors will also receive warrants to purchase 1,250 shares of common stock at 1 cent per share for each preferred share purchased.
The $817 million-asset company was known for raising large amounts of capital in the state before 2010 but has since been crippled by credit deterioration, net losses and executive changes. In January, Florida Bank called off a deal to acquire Anderen Financial Inc. Two months later, regulators required the company to tighten lending practices and increase capital.
The bank was "adequately capitalized" with a total risk-based capital ratio of 9.99% at March 31.
The private placement was completed June 30 and announced Thursday.