Bank of Florida Corp. Commences Public
March 12, 2010 06:33 AM Eastern Time
NAPLES, Fla.--(EON: Enhanced Online News)--Bank of Florida Corporation (NASDAQ: BOFL) today
announced that it has commenced an offering to sell shares of its common stock in a public offering to raise at least
$45.0 million. The offering will consist of two components: a rights offering and a supplemental, best-efforts offering.
Kendrick Pierce & Co. is acting as the dealer manager and lead placement agent for the offering.
The Company intends to offer approximately 38.9 million shares through a rights offering, and a supplemental
offering of 44.6 million shares of common stock, at a to-be-determined price. Shareholders of record as of March 8,
2010 will receive three rights for every share owned. Each right will allow the holder to purchase one share of
common stock. The Company expects to use approximately $37.0 million of the net proceeds from the offering to
capitalize its subsidiary banks such that they regain “adequately capitalized” status. In addition, the Company expects
to use a portion of the net proceeds of the offering to redeem any shares of its outstanding Series B Preferred Stock
that are not converted by the holders of the Series B Preferred Stock according to its terms.
A registration statement relating to shares of the Company’s common stock to be sold in the offering has been filed
with the Securities and Exchange Commission (“SEC”) but has not yet become effective. The registration statement
also covers shares of the Company’s common stock issuable upon conversion of shares of its Series B Preferred
Stock that are not redeemed for cash as described above. None of the shares of common stock covered by the
registration statement may be sold, nor may offers to buy be accepted, prior to the time the registration statement
becomes effective. The registration statement on Form S-1 may be accessed through the SEC’s website at
www.sec.gov. Alternatively, copies of the prospectus relating