First Citizens Bank will acquire Tampa-based HomeBancorp Inc., the parent company of HomeBanc.
TAMPA — HomeBancorp Inc. and its subsidiary, HomeBanc, are being acquired by Raleigh, N.C.-based First Citizens Bank in an all-stock transaction.
Under the terms of the agreement, cash consideration of $15.03 will be paid to the shareholders of HomeBancorp for each share of HomeBancorp's common stock. As of Dec. 18, HomeBancorp stock was trading at $44.38. American Banker, based on the number of HomeBancorp shares outstanding at Sept. 30, estimated the deal is worth about $87 million.
The deal was announced jointly by First Citizens Bank CEO Frank Holding Jr. and HomeBancorp CEO Jerry Campbell, and is expected to close no later than the second quarter of 2018, according to a press release.
“We're pleased to announce this transaction; merging into First Citizens will meet the objectives of our shareholders, employees and customers,” Campbell states in the release. “It's a good match. First Citizens has long prided itself on its strong commitment to its customers, a model that we have in common.”
As of Sept. 30, HomeBancorp reported $955 million in consolidated assets, $699 million in deposits and $637 million in loans. The bank, founded in 2007 and has been lauded for its workplace culture, has branches throughout the Tampa Bay region and beyond, including Lake Mary, Winter Park, Lakewood Ranch, Belleair Bluffs, Countryside, Dunedin, Kenneth City, Pinellas Park, Seminole, Largo, St. Petersburg, Tampa and Westchase.
First Citizens Bank has 15 branches in Florida, primarily in the northeast and southeast parts of the state.
“This agreement is a significant opportunity to fill in our footprint in Florida and expand into two new markets for us —Tampa and Orlando — while creating value for shareholders and customers of both organizations,” Holding states in the release.