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Business Observer Friday, Mar. 2, 2018 2 years ago

Pay raise

First Citizens discovered banks are costly.
by: Business Observer Staff Writer

Raleigh, N.C.-based First Citizens Bank will pay a chunk more than it first expected in its efforts to rapidly expand in west and central Florida.

The bank will pay $113.6 million to acquire Tampa-based HomeBancorp Inc. and its subsidiary, HomeBanc, according to a Feb. 21 Securities and Exchange Commission filing. When the deal was initially announced, a week before Christmas, FCB officials said they expected to pay some $87 million for Homebanc, which had $943.2 million in assets through Sept 30. FCB will pay $15.03 for each share of HomeBancorp's common stock, adds the Feb. 21 filing.

FCB's acquisition for HomeBanc, founded in 2007 and lauded in the region for its commitment to workplace culture, is expected to close in the second quarter. “The merger will allow FCB to expand its presence in Florida,” FCB officials say in the filing, “and enter into two new markets in Tampa and Orlando.”

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