TIB forms private bank, acquires advisory and applies for a trust charter. Naples, Fla.-based TIB Financial, a community-bank holding company, plans to acquire private-client portfolio manager Naples Capital Advisors as the basis -- along with a just-formed private-banking group -- for its own wealth-management business.

Growing base

"Identifying the right group of professionals and entering the private banking, investment management and trust businesses has been a major strategic priority for us over the past few years to help diversify our revenue stream and more comprehensively meet the financial service needs of our customer base," says TIB's CEO Edward Lett.

Naples Capital advises high-net-worth clients, mainly in the Naples-Fort Myers region of Florida, on around $80 million in assets. It directs a "global, multi-cap, value" approach through separately managed accounts. CEO Michael Morris and CIO John Suddeth will continue in their present roles. Morris will also take overall responsibility for TIB's wealth-management operations.

Former Fifth Third Bank executive Paul Belfore will lead TIB's new private-banking group. He will also be an executive v.p. with Naples Capital.

TIB plans to apply for a Florida State trust charter.

"This new opportunity will be an excellent fit because it creates a combination of proven experience in building an investment-management platform, adds a growing new customer base and complements [our] reputation for high-touch, personalized service," says Lett.

Morris says that "the planned addition of trust services and the scope and geographic reach of the TIB organization should accelerate our growth plans."

TIB's retail arm has about 20 branches or loan centers in southern Florida. -FWR

Purchase reproduction rights to this article.