Bank goes inside for cash infusion

Florida Capital Bank, a Jacksonville-based institution with four Tampa area locations, hasn't shied away from the crux of its name.

The bank raised $25 million in the last 15 months, including $10 million in the fourth quarter. It's a somewhat remarkable feat, considering the capital crunch.

The $10 million came primarily from the bank's board of directors, according to a statement. That group includes Allan Martin, a founding investor in Tampa-based USAmeriBank, and Bruce Culpepper, an attorney with the Culpepper and Kurland law firm in Tampa.

Moreover, the chairman of the Florida Capital Bank board is W. Andrew Krusen Jr., a Tampa businessman who is also a director at Raymond James Trust Co. and Bradenton-based retailer Beall's. Krusen was previously chairman of First National Bank of Tampa.

Founded in 2004, Florida Capital has nine retail and commercial banking branches in the state, including one each in Pinellas Park, downtown Tampa, Westshore and Tarpon Springs. The bank also has a large residential mortgage business.

The bank, with $800 million in consolidated assets, nonetheless felt the pinch of the recession, and, like many of its brethren, found itself in need of capital.

CEO Malcolm Jones, brought on in 2010, focused on consolidating branches and making the commercial lending more efficient. The recent capital investment, Jones says in the release, is validation the plan is working.