NC bank expands Florida presence with deal

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.