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Business Observer Monday, Jan. 3, 2011 11 years ago

Florida Shores raises $8M

The Venice-based bank raised $8 million in equity capital.

VENICE — Florida Shores Bank completed an $8 million equity capital raise today. The capital was raised from local investors, a release said.

Concurrently, the Venice-based bank announced that it had recently eclipsed the $250-million mark in assets.

Florida Shores Bank earned $1.1 million in profits through the first nine months of last year, representing a complete turnaround after losing $656,000 in the first nine months of 2009.

In December, Bauer Financial gave the bank a four-star, or “excellent” rating.

Of his bank's latest financial move, CEO Jim Kuhlman said, “The community has supported us with their deposits. This additional capital will allow us to continue to grow and meet all the banking needs of our customers.”

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