A $6 million investment that a Richmond private equity fund made in a Florida bank has gone up in smoke.
Community Bank Investors of America
Body blow for PE fund
A Richmond-based private equity fund lost more than half its value when a Florida bank hit the skids. But the fund’s managers and at least one investor remain hopeful that other investments will more than recoup those losses.
Taking the temperature of a local equity firm
A struggling Florida bank run by two Richmond entities is being sued by a local investor for alleged fraud. The suit provides a glimpse into the overall health of a local private equity fund that invests in community banks.