The company, which recently bought Sabadell United in Miami, is pledging to make billions of dollars in mortgages and small business loans in low- and moderate-income communities.
Strong loan growth at the Miami Lakes, Fla., company more than offset an increased loan-loss provision tied to Hurricane Irma and continued weakness in taxi medallion lending.
You thought love triangles were complicated. The CEO of Sunshine Bancorp in Florida spoke with nine banks about buying the converted mutual while eyeing three possible acquisitions. The company sold to a buyer that bought another bank at the same time.
The Florida bank started researching the business after Ken LaRoe, its chairman, saw how medical marijuana had helped his wife cope with a severe injury. First Green is now turning a profit a year after adding its first pot-related client.
Florida and Texas are normally major sources of mergers, but bankers in those states likely will take a break to assess damage from the hurricanes before returning to dealmaking.
David Dotherow, CEO of the newly formed Winter Park National Bank, stresses the need for strong management and a straightforward business plan when applying for a charter.
