Bancshares of Florida, based in Naples, Florida, have acquired Old Florida Bankshares of Fort Myers, Florida. Old Florida Bankshares wil...

Bancshares of Florida, based in Naples, Florida, have acquired Old Florida Bankshares of Fort Myers, Florida. Old Florida Bankshares will be merged with Bancshares and Old Florida's banking subsidiary, Old Florida Bank, will be merged with Bancshares' banking subsidiary Bank of Florida - Southwest. The acquisition is set to complete in the first quarter of 2007. At 30 June 2006, Old Florida had total assets of approximately $326 million and shareholders' equity of approximately $26.4 million. Founded in 1998, it serves its customer base through four offices located in Fort Myers, Naples, Cape Coral, and Bonita Springs, Florida. At 30 June 2006, Bancshares had approximately $756 million in assets and shareholders' equity of $118 million. On 25 August 2006, Bancshares completed its acquisition of Bristol Bank ($90 million in assets), which was merged into another Bancshares subsidiary, Bank of Florida - Southeast. “Bancshares business model focuses on serving the commercial banking and wealth management needs of small business owners, professionals, executives, entrepreneurs, high net worth individuals and foundations," said Michael McMullan, president and chief executive of Bancshares.