Local bank bought in $50 million deal

BRADENTON — For the third time in his career, longtime area banker Jim Kuhlman has sold another bank that he led to a rapid rise in assets.

This time it's Bradenton-based Premier Community Bank of Florida.

Birmingham, Ala.-based National Commerce Corp., parent company of National Bank of Commerce, bought Premier in a deal, that if it closed March 20, would be worth about $50 million and just under two times book value. The value is subject to change, based on NCC’s stock price, before the acquisition closes, which officials from both banks expect to happen in July. At the current projected sale price, Kuhlman says investors in Premier Community, when the bank raised money two years ago, would have doubled their investment.