Gulf Coast banks grow quickly

Two Gulf Coast banks saw triple-digit growth in their deposit base between 2008 and 2011, ranking them among the fastest-growing banks in the nation, according to a new study published by SNL Financial.

Naples-based First National Bank of the Gulf Coast increased its deposit base from $14.1 million in 2008 to $267.6 million this year as of Oct. 19, good for a compound annual growth rate of more than 166% over three years. That is the fifth-highest such growth rate among banks with less than $1 billion in deposits from across the U.S.

In Sarasota, Gateway Bank of Southwest Florida grew its deposit base from $7.9 million to $148.6 million, posting an annual growth rate nearly identical to that of its Naples-based competitor.

In April, First National Bank of the Gulf Coast raised $148 million from a private placement, $40 million of which was immediately made available for internal growth. Gary Tice is the bank's chairman and CEO, and Garrett Richter is president. For more information on First National Bank of the Gulf Coast's growth plan, read “Capital Battle,” May 19.

Gateway Bank received a five-star rating from Bauer Financial late last month.