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Popular online banking institution, First Citrus Bancorporation of Florida (FOFN). It is in Tampa, Florida, in the United States. According to data from the Federal Reserve, it is one of the top 100 largest banks in the United States.
The bank's history can be traced back to First Citrus Bank, which was established in 1944 in Tampa, Florida, by a group of local businessmen. The bank grew through a series of mergers and acquisitions over the years, before becoming First Citrus Bancorporation of Florida in 1986. Today, First Citrus Bancorporation of Florida is a publicly traded company with more than $4.4 billion in assets.
In line with its mission, "First Citrus Bancorporation, Inc. of Florida, a Florida corporation, is a bank holding company which, through its subsidiary bank, First Citrus Bank, offers a wide range of retail and commercial banking services designed to meet the financial needs of individuals and small to medium-sized businesses in the Florida market." They have about $3.94 billion in assets, $3.07 billion in loans, and $3.09 billion in deposits, data as of September 30, 2022. The main subsidiary of FCIT is First Citrus Bank, which offers checking, savings, time deposits, credit cards, and loans.
On December 31, 2011, it had 17 branches and 36 ATMs located in metropolitan areas in Florida, including Tampa, Southwest Florida, Sarasota, and Orlando. The banking company operates throughout the Tampa/St. Petersburg, FL MSA, the Orlando-Lakeland-Kissimmee, FL MSA, and part of the Sarasota-Bradenton, FL MSA. The FCIT is a publicly traded company listed on the NASDAQ, under the ticker symbol "FOFN." The company has a strong track record of profitability and growth, with net income of $14.4 million in 2011, which is First Citrus Bancorporation's fourth year as a public company.
On October 31, 2013, First Citrus Bancorporation announced the completion of a public offering of 1.7 million shares at $22.50, plus an over-allotment option of 255,000 additional shares, bringing the total amount raised to $38,350,000. They plan to use the net proceeds for general corporate purposes, strategic expansion, and future acquisitions.
In 2015, First Citrus Bancorporation named a new president, J. Andrew Samuel, who had worked for the company for 14 years and served as its executive vice president and chief financial officer. Samuel succeeded the bank's founder, John M. Zabil, who retired after 50 years with the institution. Samuel outlined a growth strategy that included digital banking, investments in technology, and mergers and acquisitions.
Despite this focus on growth, in 2017, Southern Alabama Bank, backed by private equity group, Birmingham-based Ballast Point Capital Partners, acquired First Citrus Bancorporation, First Citrus Bank, in a stock and cash transaction worth $55 million. Samuel stepped down as president and CEO after the acquisition.
The company's stock is listed on the NASDAQ exchange under the ticker symbol "FOFN" and is publicly traded. Current stock prices, news, and other information can be found on financial websites or by contacting a stock broker.
The company reported net income of $1.9 million in the third quarter of 2020. They also declared a cash dividend of $0.04 per share. First Citrus Bancorporation's holding company, First Citrus Bank, has $4.37 billion in assets and $3.7 billion in deposits as of November 2020.
First Citrus Bancorporation of Florida, with a strong track record of profitability and growth, is well-positioned for future success.