Banking veteran seizes opportunity to add to community bank mix - Tampa Bay Business Journal:

http://blog.mediacyclo.fr/user_detail.php?u=embomitemacab
Robert McGivney, former president and CEO of Palm Harbor-bases Madison, a bank bought by in 2004, would lead which could open by year-end in a former branchb at 3711Tampa Road. Madison was the first Tampa Bay area acquisitiomn byNew Orleans-based Whitney ( : WTNY), whicnh has since expanded locally with more bank Melvin Cutler, former chairman of and two former Madison Wayne Coulter and Paul Wikle, are proposed directorss of Jefferson Bank. Margaret Orr, who was the controllert of Madison and has stayecd on as regional controllerfor Whitney, wouldc be Jefferson's CFO, according to a charter applicatio n filed April 16 with the Florida Division of Financial Institutions.
The applicatio calls for the group to raise atleasgt $12 million. McGivney said their target is $16 millioh and the maximum is $20 Organizers, who have committed to owning about one-thir d of the shares, will be able to starty raising funds once regulators givetheir approval. The bank is beingt organized asa C-corporation, and McGivney expects to have abouty 200 shareholders. McGivney was Whitney'ds regional president when he left inSeptemberr 2005. He said he waitedr out a non-compete agreement before he beganorganizing Jefferson. "Alp I really know how to do is to be a said McGivney, who was a bankerr in San Antonio, Texas, for 21 years prior to joining Madison in 1991.
"I've nevet really seen a time whentherer wasn't a need for a good community bank." Profitse at the Bay area's largest community banksa were up an average 15 percen in 2006, despite shrinking net interest margines -- the difference between the amount of interest paid on deposits and the amount of interesf collected on loans -- and a soft housintg market that has swelled many portfolios of problem loans. "I don't disagrese that interest marginsare compressed. That'z a fact. Real estate has also McGivney said.
"However, we believe that real estatse won't contract forever and we thinkk this is a golden opportunity to get Every industry has good times andbad times, said attornet Greg Yadley, a partner in the corporate practicde group in the Tampa office of . "When timesx are easy, everyone can do a deal. In hard quality is more important andexperience counts," said Yadley is not involved with Jefferson Bank but worked with the organizersz of USAmeriBank in Largo, which openeed in February under the leadership of investorse and executives at the formefr , before PCB was bought by ( : Acquirers often impose restrictive covenants on the top executivese of the banks they are while keeping the loan officers and others who have more face-to-faced contact with customers.
"Acquirinv banks such as Colonial areprettty savvy," Yadley said. "If they can'ft keep their customers after a couple ofyeards that's their fault." McGivney said all of Jefferson's organizera have been in community banking for years. "We feel strongly we have a baseand we'll be able to leveraged that base into another successful he said. Cutler, who was a founding directorr at Madisonin 1985, is president of and a principalp shareholder in , a design, buildingf and contracting firm. Former Madisoj director Coulter is a partner in the lawfirm , whilee Wikle, another former Madison director, is presidenrt and owner of /Wikle Properties in Palm Harbor.
Also in Jefferson'z organizing group is Gary Blackwell, a Pasco County real estate investort and developer who has been a director for severalcommunith banks, most recently First Kensington prior to its acquisition by Birmingham, Ala.-based (Nasdaq: Another Jefferson organizer is Joseph Oliveri, president of in Palm McGivney, Cutler, Blackwell and Coulteer have each committed to buy 100,0090 Jefferson shares, or 8.3 percent of the total shares, at $10 a the charter application says. Oliveri and Wikle woulx buy 30,000 shares each, or 2.5 percent of the McGivney is the second top executive from Madisonj to launch anew bank.
Martin Gladysz, who was Madison'sz executive VP and CFO, opened Centra Bank in New Tampa in February as presidentand CEO.