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TRINITY — An Alabama bank acquired Pasco County-based Patriot Bank, adding to the list of community banks on the Gulf Coast of Florida that have been sold in the past year.
Birmingham, Ala.-based National Commerce Corp., parent of National Bank of Commerce, acquired Trinity based Patriot for $31.3 million, according to a statement.
“We are pleased to announce our affiliation with National Commerce Corp.,” says Patriot President and CEO David Key. “We believe that our cultures are well-suited for one another, and that we will be able to better serve customers in the Tampa market as part of a larger community banking organization.”
National Bank of Commerce officials, in an investor prospectus on the deal, say the acquisition is a “strategic entry into the Tampa MSA” and it aligns with the bank's strategy to grow in the Interstate 4 corridor.
Board members for both banks approved the transaction, which is subject to customary closing conditions, including regulatory approvals and approval from Patriot Bank's shareholders.
“We are excited to announce the merger with Patriot Bank,” says NCC Chairman and CEO John Holcomb III. “We have gotten to know David Key over the past couple of years, and we are pleased to partner with him and his team in our entry into the Tampa market.”
Patriot Bank was founded in 2004, and has branches in Trinity, Palm Harbor, New Port Richey and Clearwater. It had $155 million in assets through Dec. 31
National Bank of Commerce operates seven full-service banking offices in Alabama, 10 full-service banking offices in central and northeast Florida (including under the trade names United Legacy Bank and Reunion Bank of Florida) and two full-service banking offices in Atlanta. It had $1.9 billion in assets through Dec. 31.
Gateway Bank of Southwest Florida, Bank of Commerce and Insignia Bank, all in Sarasota, are among the community banks in the region that have gained new owners in the past year.
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