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Tampa Bay-Lakeland
Business Observer Wednesday, Jan. 19, 2011 11 years ago

$1B bank merger called off

Florida Bank Group and Anderen Financial have ended plans to merge.

TAMPA — Florida Bank Group Inc., the Tampa-based holding company that operates Florida Bank, no longer plans to merge with Anderen Financial Inc., a Palm Harbor-based institution.

The banks cited a “very restrictive regulatory environment” as one of the main reasons for calling the merger off.

“Bank regulatory agencies have been less than enthusiastic about authorizing certain transactions that might be viewed as expansionary, especially in the challenging Florida market,” officials said in a prepared statement.

The merger, which was first announced in July, would have resulted in a combined company with 20 banking offices throughout Florida and roughly $1 billion in assets.

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