Bank of Florida

Bank of Florida Corporations
Public
Traded as NASDAQ: BOFL
Industry Financial Services
Successor EverBank
Founded 1998
Defunct 2010
Headquarters Naples, Florida, USA
Services Banking, Investment, Finance, Mortgages, Wealth Management
Website http://www.bankofflorida.com/

Bank of Florida had three wholly owned banking subsidiaries located in Florida. Bank of Florida Corporation operated as a holding company for Bank of Florida Southwest, Bank of Florida Southeast and Bank of Florida Tampa that provided commercial and consumer banking services in Florida. Bank of Florida Trust company[1] also was affiliated with the bank.

Bank of Florida was taken over and shut down by the FDIC on May 28, 2010.[2] It was then sold with a loss-sharing agreement to EverBank, Jacksonville, FL.

Background

Bank of Florida Corporation was organized in 1998 by a group of local business and financial services professionals. Their mission was to be the "Bank of Choice" for Businesses, Professionals and Individuals with a desire for relationship-driven financial solutions.

The bank had grown to include 13 financial centers, over 250 employees and over $1.5 billion in assets.

Financial Crisis of 2010

Bank of Florida was severely undercapitalized and seeking to raise capital in order to comply with FDIC orders.[3]

Bank Failure

Bank of Florida was taken over and shut down by the FDIC on May 28, 2010.[4] It was then sold with a loss-sharing agreement to EverBank, Jacksonville, FL.

References

  1. ↑ Naples Daily News - SEC records reveal names of failed Bank of Florida's prominent shareholders - Francis Rooney, the former U.S. ambassador to the Vatican, stood out as its largest single shareholder.
  2. ↑ http://fdic.gov/bank/individual/failed/bankoffloridase.html
  3. ↑ http://southflorida.bizjournals.com/southflorida/stories/2010/05/03/daily4.html
  4. ↑ http://fdic.gov/bank/individual/failed/bankoffloridase.html


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