Florida-based TIB Financial has announced a major strategic initiative to deliver private banking, wealth management and trust services. It is to acquire investment manager Naples Capital Advisors for an undisclosed sum. Naples Capital Advisors, which has $80 million in assets under advice from local families and high net worth individuals, will become a wholly-owned subsidiary. The firm's founders, Michael Morris and John Suddeth, will join TIB and will continue as president and chief executive and executive vice president and chief investment officer, respectively. Mr Morris will have overall responsibility for private banking, wealth management and trust services and will also serve as an executive vice president of TIB Bank. TIB Bank has formed a Private Banking Group to be headed by Paul Belfore, who will join the bank prior to year-end as senior vice president. Most recently with Fifth Third Bancorp, he will also serve as an executive vice president of Naples Capital Advisors. "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," said Edward Lett, chief executive and president of TIB Financial.