BPV Invests in Florida Bank Group

ST. PETERSBURG, FL, June 6, 2006 - Ballast Point Ventures L.P. (BPV), a venture capital firm affiliated with Raymond James Financial, Inc., today announced it has closed an equity investment in Florida Bank Group, Inc. (“FBG”).  The $60 million financing, led by insiders, will primarily be used to fund the Bank’s expansion into the Jacksonville market. 

Florida Bank Group, Inc. is a holding company which owns Bank of St. Petersburg.  Founded in 1985, Bank of St. Petersburg is a full service commercial bank providing financial services to Hillsborough and Pinellas counties through six branch locations.   Florida Bank Group plans to open its Jacksonville location, Bank of North Florida, this year.  Bob Rothman, FBG’s Chairman and CEO, was the former Chairman and CEO of Consolidated International Group, Inc., which owned and operated insurance companies in Europe and North America from 1987 to 1999.  Joseph Caballero, President of the Bank of St. Petersburg, was formerly a Senior Vice President with Bank of America in Tampa, Florida. 

Paul Johan, partner of Ballast Point Ventures, will join the company’s board of directors.  Johan, who has invested in numerous private companies throughout the Southeast, remarked, “We are pleased to have the opportunity to invest in FBG.  Bob Rothman has an impressive track record and reputation in the financial services industry and has assembled a great team to help build the bank.  This round of equity will allow FBG to continue its rapid growth and expand into attractive markets across Florida. 

"The investment in FBG reflects the Ballast Point Ventures strategy of providing expansion capital to rapidly growing, well-managed companies in the Southeast and Texas.

Florida Bank Group, Inc. is a holding company which owns Bank of St. Petersburg.  Founded in 1985, Bank of St. Petersburg is a full service commercial bank providing financial services to Hillsborough and Pinellas counties through six branch locations.  The bank offers a full complement of commercial banking services.  Deposit products include traditional checking, savings, money market, IRA and certificates of deposit.  Lending products include acquisition, development, and construction financing, business lines of credit, term loans, letters of credit, residential mortgages and traditional consumer loans such as auto loans and home equity lines.

About Ballast Point Ventures, L.P. Ballast Point Ventures, L.P. is a venture capital fund established to provide expansion capital for rapidly growing, privately owned companies in diverse industries, with a particular emphasis on companies located in Florida, the Southeast and Texas.  The BPV partners have more than 70 years of combined experience investing in and building high-growth companies in a number of industries, including healthcare, business services, communications, technology, consumer products and specialty retail.  The Fund seeks to make equity investments ranging in size from $2 million to $5 million.