TIB Financial Corp. continues to expand its wealth-management capabilities. Naples, Fla.-based community-bank holding company TIB Financial has formed a trust subsidiary, TIB Trust Company, to augment its private-banking, financial-planning and investment-consulting services.

TIB expects the State of Florida will grant its new subsidiary trust powers sometime this summer.

Appropriate and essential

"Trust services are an appropriate and essential complement to the private banking and investment management offerings launched previously by the company," says TIB Trust's president and CEO Michael Morris.

Morris became head of TIB's overall wealth-management business this year as a result of TIB's acquisition of Naples, Fla.-based private-client portfolio manager Naples Capital Advisors .

TIB's CEO Edward Lett says the ability to provide personal trust services gives the bank an opportunity "to further enhance existing relationships and attract new customers to the bank."

Florida has more millionaire households than any U.S. state but California -- and its population is about half that of California, according to a 2006 report by Phoenix Marketing International , a Rhinebeck, N.Y.-based market-research firm. Naples, Fla., is the city with the second highest millionaire-to-general-population ratio in the U.S., says the same source. TIB's retail-banking arm has 20 branches in southern Florida. -FWR

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