Florida Bank, Anderen merge

Florida Bank Group Inc., a Tampa-based bank holding company, acquired Palm Harbor-based Anderen Financial Inc., creating a company with 20 banking offices across the state of Florida.

The deal will be completed as an all-stock transaction. Anderen stockholders will receive 1.32 shares of FBG stock for each Anderen share owned. The transaction is expected to close in the fourth quarter pending regulatory approval, a release said.

Concurrently, FBG has agreed to raise between $10 million and $30 million in additional equity following the merger, to be applied to the company's non-performing assets.

“The combined company will benefit from greater efficiencies and economies of scale which will result in an improved earnings outlook,” said FBG CEO Robert Rothman in a release.

At the end of March 2010, Florida Bank Group had approximately $843 million in assets, while Anderen had approximately $150 million, and a representative for FBG says the combined entity expects to eclipse the $1 billion-in-assets mark by the deal's closing.