Weston-based Florida Community Bank files for initial public offering
06/25/2014 4:52 PM
06/25/2014 5:46 PM
Florida Community Bank’s parent company has filed with the Securities and Exchange Commission for an initial public offering.
FCB Holdings, the parent company of the Weston-based bank, wants to raise $150 million, according to the 338-paged document filed last Friday.
Since it was formed in 2009, Florida Community Bank has expanded rapidly, making nine acquisitions. With $5.17 billion in assets, the bank has grown to become one of the largest independent Florida-based banks.
With 54 branches on both coasts of Florida and in the Orlando area, the bank’s customers top 90,000 households, said Kent Ellert, the bank’s president and chief executive.
Driving the growth has been more than $700 billion in capital from private and institutional investors, which has bankrolled the bank’s strategic acquisitions of failed - or failing - banks, purchased at a discount, throughout the recession.
During an interview in March, Ellert said the bank’s goal is to reach $6 billion in assets at the end of 2014, and to become an $8 billion to $10 billion bank in three years. That would involve making one more acquisition in Florida, he said.
He acknowledged at the time that “at some point” the company may envision going public.
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