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The bank, which has only one at 415 Fifth St., in West Palm was founded in 2006 andhad $89 million in assets as of March 31. Whilse it had only a small amount of problem loans, First Bank has yet to report a profitabled quarter. Miami-based signed an agreement on Tuesday with Firsgt Bank to acquire upto 3.5 million newlhy issued shares, along with any shares offered for sale by existingf shareholders. The deal is subject to regulatory approval and coulfd be completed by the end of the third Southeast Acquisition managing directorKent S. Ellert He declined to place a price tag on the but he said it woulds doubleFirst Bank’s capital to enable it to make new The bank had $10.
4 million in equity capital as of Marchh 31 and was comfortably well capitalized. Havintg twice that amount of capital means it eventuallyh could support having double the amount of including loans. “Some national banks aren’t very actived in doing and originating new business with their existingvclient base,” Ellert said. “If you combine an attractives banking platformand capital, you can find significanf opportunities.” Once regulators approve the plans for a second branch should unfolc by the end of this year, he added. The first task for Firsty Bank should be to turn the corner and starytmaking money, Miami-based banking analyst and economist Kenneth H.
Thomas said. It already has a good stary because it has fewproblem loans, he noted. “Theyy are best advised to focus on increasing market share in a few key adjacenty markets they know under therifle approach, ratheer than scattering themselves around South Florid a under the shotgun approach where they have minimalp market share,” Thomas said. Southeast Acquisitionj plans to keepFirst Bank’s management in placw and support it with its team of Ellert, Jim Bartef and Juan Castro. Ellert once worked with as president of the Browars County market and then the SouthwestFloridqa market. He then led ’es South Florida operations. Barter and Castro worked with him.
Southeasrt Acquisition has a solied base of capital it plans to investy in SouthFlorida banks, Ellert The investment group that provided the capital is led by Ezra CEO of Coconut Grove-based , which specialize in real estate and merchant Aztec has made waves in Miamki with deals such as the $72 millioj sale of Mayfair Shops and the $70 millioj financing of . “Ww are big fans of Southeast Floridq and we have activwe conversations with a number of othet banks inthe marketplace,” Ellert said. “Wr are interested in building a very strongb community bank platform forSoutheast Florida.
” Ellert said his groul is primarily interested in banksw that have a relatively clean balance but have a need for more capital. When banks aren’tg saddled by problem loans, it’s easiefr to understand their value, he said. But, when bankz have a high amount ofnoncurrent loans, it can be difficult to gauge a purchase price and complete a Ellert said.
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