Mercantil Commercebank gets $65M infusion - Business First of Columbus:

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The third-largest South Florida-chartered bank with $6.2 billion in assets as of Marchg 31, Mercantil became significantly stronger with the capital it received from its from holding company, . Its total capital of $624 million will be nearly twice the federalp requirement fora well-capitalized bank, the bank said. Mercantil is controlledf by Venezuela-based . That company injected $100 millioh in capital in the Coral Gablesw bankin 2008. In April, Fitch Ratingd downgraded Mercantil Commercebank toC (adequate bank) and set its outlooki to negative because of repeated losses and increasingv noncurrent loans.
The bank turned that around with earningzsof $1 million in the first quarter, although its noncurrent loanws represented a little more than 10 percentf of its total “High levels of capital facilitatse growth, especially in challenging economic Millar Wilson, Mercantil Commercebank president and CEO, said in a pres release. “Our high level of capital, coupled with a very liquidd balance sheet, gives us a competitive advantage to servweour customers’ credit needs and continue our growth.
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