Charter Granting Establishment of Great Florida Bank Approved.Business Editors MIAMI--(BUSINESS WIRE)--March 4, 2004 The Office of Financial Regulation of the State of Florida has granted the final order of approval to a group of South Florida business and community leaders, giving them the go ahead to establish Great Florida Bank. The final order of approval, which was given on Feb. 23, 2004, is subject to the bank satisfying customary conditions prior to opening. Organizers of Great Florida Bank are now awaiting approval from the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). Great Florida Bank's organizers began the approval process to establish the community bank in October 2003. The state chartered bank Chartered Bank A financial institution whose primary roles are to accept and safeguard monetary deposits from individuals and organizations, and to lend money out. The details vary from country to country, but usually a chartered bank in operation has obtained government permission will be headquartered in the One Biscayne Tower One Biscayne Tower is an office skyscraper in downtown Miami, Florida. It is located on the eastern edge of the Central Business District, on South Biscayne Boulevard. It is comprised completely of Class A office space. Building, located at 2 Biscayne Boulevard Biscayne Boulevard is the name given to the stretch of U.S. Route 1 in Miami-Dade County, Florida just north of the Miami River, starting at Southeast 4th Street in the Central Business District continuing through Park West and Uptown in Downtown Miami. , in Miami. Organizers anticipate beginning operations during the third quarter of 2004. "We are pleased with how swiftly the approval process has moved," said Mehdi Ghomeshi, president and chief executive officer of Great Florida Bank. "We are now looking forward to building the operational foundation of the organization and serving the needs of the South Florida community." Ghomeshi and his executive team recently began marketing efforts for an initial private offering of common stock in order to raise the additional capital needed for pre-operating and organization expenses. The common stock is being sold in units consisting of four shares of Class A Common Stock and one share of Class B Common Stock. Organizers hope generate between $12 and $50 million in capital. The units are priced at $50 per unit. "We are looking to attract local investors who have a vested interested Vested Interest A financial or personal stake one entity has in an asset, security, or transaction. Notes: For example, if you have a mortgage, your bank has a vested interest on the sale of your house. See also: Right interest in the success of their bank," Ghomeshi said. Investors interested in learning more about the initial private offering should contact Obdulio Piedra at (305) 670-7884, (305) 342-9618 or by email at investorrelations@greatfloridabank.com . Great Florida Bank's organizing group includes Sherrill Hudson, consultant Ferrell Schultz; Susana L. Ibarguen, civic leader; Daryl L. Jones, attorney at law Adorno & Yoss; Joseph P. Lacher, president BellSouth Florida; Mitchell W. Mandler, attorney at law, Becker and Poliakoff; Leslie V. Pantin, Jr., President, Pantin/JGR Beber Silverstein Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most ; Obdulio Piedra, Banker; Vincent F. Post, Jr., Banker; Mich ael S. Ross, attorney at law, Greenspoon, Marder; and Donald D Donald D is a rapper originally from North Carolina. In New York, he started his career as a rapper, as part of The B-Boys, working with Afrika Islam and Grandmaster Flash. . Slesnick II, attorney at law, Slesnick & Casey. |
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