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The U.S. Office of the Comptroller of the Currency approved Florida Community Bank's acquisition of Great Florida Bank — a deal that, when closed, would create the fourth-largest community lender headquartered in Florida.
The acquisition was first announced in July. Weston-based Florida Community Bank, a subsidiary of Miami-based Bond Street Holdings, paid $42.5 million for Great Florida Bank. FCB agreed to pay Miami Lakes-based Great Florida stockholders $3.24 a share in the deal, an 8% premium to the share price. FCB officials, according to the statement released today, say the deal should close Jan. 31, now that the OCC has approved it.
“This acquisition reflects the continuing successful execution of our strategic plan to foster FCB's continued growth, both strategically and organically, as our team works to establish FCB as the bank of choice for businesses, entrepreneurs, and personal consumers in Florida,” FCB President and CEO Kent Ellert says in a statement. “This transaction will more than double FCB's retail presence in South Florida and will continue to add momentum to our leading organic loan origination platform.”
Florida Community Bank, according to the release, will have about $5 billion in assets and 67 locations along both Florida coasts and in southeast Florida once the deal closes. That would make it the fourth largest bank headquartered in Florida, executives say.
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