Great Florida Bank
Corporate brand
UnclaimedA former Florida community bank that expanded rapidly across South Florida before being acquired by Florida Community Bank in 2014.
Last updated August 26, 2026
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Overview
Great Florida Bank was a state-chartered commercial bank headquartered in Miami Lakes, Florida. Founded on June 30, 2004 by banking executive M. Mehdi Ghomeshi, it was established as a de novo community institution serving the South Florida market. The bank opened its first location in downtown Miami and expanded beyond the Miami area during 2005 and 2006, eventually developing a network of branches described as “Solution Centers” across Miami-Dade, Broward, and Palm Beach counties. The institution grew unusually quickly for a new bank. It surpassed $1 billion in assets after approximately eighteen months of operation, making it one of the fastest-growing de novo banking institutions in the United States at that time. By March 31, 2009, it operated 28 outlets in South Florida and reported approximately $1.7 billion in assets. Its activities were centered on community banking, including deposit accounts, transaction services, lending, and other services typically provided by a commercial bank. Great Florida Bank also participated in the Federal Deposit Insurance Corporation’s Temporary Liquidity Guarantee Program, which temporarily provided expanded coverage for certain non-interest-bearing transaction accounts during the financial crisis. The bank’s growth was accompanied by regulatory and capital challenges. In 2006, the FDIC issued a cease-and-desist order citing unsafe and unsound banking practices and violations of the Bank Secrecy Act. The order was lifted in March 2009. Great Florida Bank nevertheless proceeded with a public-market listing, joining the NASDAQ Global Market on December 5, 2007 under the symbol GFLB. It joined the American Bankers Association Community Bank Index in June 2008. During 2009 and 2010, the bank faced worsening capital and share-price pressures. NASDAQ warned in January 2010 that the company’s common stock had traded below the exchange’s minimum $1 threshold for 30 consecutive business days, creating a potential delisting issue. Regulatory data cited in contemporary reporting indicated that the bank’s capital ratios had fallen below applicable well-capitalized levels by March 2010. In April 2010, Great Florida Bank entered into a consent order with the FDIC requiring it to raise its Tier 1 leverage ratio and total risk-based capital ratio within 120 days. The bank did not meet the regulators’ November 2010 deadline to raise additional capital. The institution ultimately exited the market through a sale rather than continuing as an independent bank. On January 17, 2014, the Office of the Comptroller of the Currency approved Florida Community Bank’s acquisition of Great Florida Bank. The transaction became effective at the close of business on January 31, 2014. Florida Community Bank, based in Weston, Florida, said the combination would strengthen its community-banking franchise and expand its scale across Florida. Following the transaction, Great Florida Bank ceased operating as an independent banking brand.
History
Great Florida Bank was founded on June 30, 2004 as a state-chartered commercial bank serving South Florida. Its founder, M. Mehdi Ghomeshi, had previously held senior positions in the banking sector, including leadership roles at BankUnited, FSB. The new institution opened in downtown Miami and pursued a rapid expansion strategy aimed at building a locally focused banking franchise across the region. During 2005 and 2006, Great Florida Bank added locations outside its initial Miami base. Its retail network was organized around “Solution Centers” and ultimately covered Miami-Dade, Broward, and Palm Beach counties. The bank’s pace of growth was notable: it exceeded $1 billion in assets after roughly eighteen months, a level that contemporary descriptions characterized as unusually fast for a de novo bank. In 2008, it opened seven additional South Florida outlets, bringing its network to 28 centers. Expansion occurred alongside regulatory scrutiny. In 2006, the FDIC issued a cease-and-desist order alleging unsafe and unsound banking practices and violations of the Bank Secrecy Act. The order was lifted in March 2009. The bank continued to develop its public profile and successfully listed its common stock on the NASDAQ Global Market on December 5, 2007, using the ticker GFLB. In June 2008, it joined the American Bankers Association Community Bank Index. Great Florida Bank also participated in the FDIC Temporary Liquidity Guarantee Program, a crisis-era program that temporarily expanded protection for certain non-interest-bearing transaction-account balances. At March 31, 2009, the bank reported 28 outlets, approximately $1.7 billion in assets, $131 million in Tier 1 capital, and a Tier 1 leverage ratio of 7.4 percent. These figures reflected a substantial regional banking operation, although the institution later experienced capital pressure. In January 2010, NASDAQ advised the bank that its stock had traded below the exchange’s $1 minimum price for 30 consecutive business days, exposing it to possible delisting. By March 31, 2010, reported capital ratios had declined, and on April 13 the bank signed an FDIC consent order requiring it to reach an 8 percent Tier 1 leverage ratio and a 12 percent total risk-based capital ratio within 120 days. Great Florida Bank remained under pressure after the consent order and failed to meet its regulators’ November 2010 deadline for raising additional capital. The available reference material does not establish that the bank was closed by regulators; instead, its independent existence ended through an acquisition. The Office of the Comptroller of the Currency approved Florida Community Bank’s purchase of the institution on January 17, 2014. The transaction closed at the end of business on January 31, 2014. Florida Community Bank described the combination as a way to expand its Florida community-banking platform, and contemporary reporting characterized the resulting institution as one of the largest Florida-headquartered banks, with approximately $5 billion in assets and more than 60 locations. Great Florida Bank thereafter ceased to operate as a standalone bank.
- 2014
Acquisition by Florida Community Bank
[1]Florida Community Bank acquired Great Florida Bank effective January 31, ending its independent operations.
- 2010
Capital consent order
[1]The bank entered an FDIC consent order on April 13 requiring it to improve its Tier 1 leverage and total risk-based capital ratios.
- 2009
FDIC order lifted
[1]The 2006 FDIC cease-and-desist order was lifted in March 2009.
- 2008
Community Bank Index inclusion
[1]Great Florida Bank joined the American Bankers Association Community Bank Index in June and expanded to 28 South Florida centers.
- 2007
NASDAQ Global Market listing
[1]The bank’s common stock began trading on the NASDAQ Global Market under the symbol GFLB on December 5.
- 2006
FDIC cease-and-desist order
[1]The FDIC issued a cease-and-desist order citing unsafe and unsound banking practices and Bank Secrecy Act violations.
- 2004
Bank founded and first location opened
[1]Great Florida Bank was established on June 30, 2004 as a state-chartered commercial bank and opened its first location in downtown Miami.
Products and positioning
A rapidly expanding South Florida community bank focused on locally oriented commercial and retail banking through a regional branch network.
Banking services · 2004
Commercial banking
Great Florida Bank operated as a commercial bank serving businesses and consumers in South Florida. Its publicly described business model centered on community banking delivered through local branches, with services associated with deposits, payments, transaction accounts, and lending. The available reference material does not identify individual named account products or detailed pricing.
Retail banking network · 2004
Solution Centers
The bank’s branches were branded as “Solution Centers.” The network reached 28 locations across Miami-Dade, Broward, and Palm Beach counties by 2008–2009, providing the physical infrastructure for its South Florida retail and business banking activities.
Controversies
Brand decisions
2014
Sale to Florida Community BankM&ABackground
Great Florida Bank faced prolonged capital pressure and was no longer operating as an independent publicly traded bank by the time of the transaction.
Action taken
Following regulatory approval on January 17, Florida Community Bank completed its acquisition of Great Florida Bank at the close of business on January 31, 2014.
Aftermath
Great Florida Bank ceased operating as a standalone institution, while Florida Community Bank expanded its Florida community-banking franchise.
2010
Capital-restoration plan under FDIC consent orderStrategyBackground
By March 2010, the bank’s reported capital ratios were below the levels required by its regulators, while its stock also faced NASDAQ minimum-price concerns.
Action taken
Great Florida Bank signed a consent order with the FDIC on April 13, 2010, committing to raise its Tier 1 leverage ratio to 8 percent and its total risk-based capital ratio to 12 percent within 120 days.
Aftermath
The bank did not meet the subsequent November 2010 deadline to raise additional capital and ultimately exited the market through its 2014 acquisition by Florida Community Bank.
Sources1 sources
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