TIB Financial Corp., a community banking company in Naples, Fla., announced Thursday that it has agreed to buy Naples Capital Advisors and plans to enter private banking and wealth management.
Naples Capital, which advises $80 million of assets, would become a TIB subsidiary when the deal closes early next year. The price was not disclosed.
Naples Capital's founders, Michael H. Morris and John M. Suddeth Jr., are to join the $1.4 billion-asset TIB Financial. Mr. Morris would run private banking, wealth management, and trust services and become an executive vice president of TIB Financial.
It has formed a private banking group that will be led by Paul A. Belfore, who is joining the company this month as a senior vice president and an executive vice president of Naples Capital. Mr. Belfore was the manager of Fifth Third Bank's private client group.
TIB Financial is the parent company of TIB Bank, which has 17 branches in Florida, and Bank of Venice, which has three branches in Venice, Fla.
