FORT WALTON BEACH — Beach Community Bank, which has banking and lending offices in Tampa, has agreed to merge with Florida First City Banks Inc., parent company of First City Bank.
Both banks are headquartered in Fort Walton Beach.
According to a press release, the combined company will hold some $675 million assets — making it the largest community bank in Northwest Florida — and retain the name Beach Community Bank. Other terms of the deal were not disclosed in the release.
“I am thrilled at the rare opportunity to join forces with one of Northwest Florida’s founding financial institutions,” Beach Community Bank President and CEO Chip Reeves states in the release. “And even more unique is finding another institution on that shares community investment and client focused relationships as core beliefs. We are excited to foster the next level of relationship-driven banking in Florida.”
The acquisition is subject to regulatory approval, the release states, and is expected to close in the second quarter of 2020.
“This merger agreement represents an extremely desirable outcome for First City Bank as we faced the challenges of the (recession) and the Deepwater Horizon oil spill,” First City Chairman and CEO John McGee states in the release. “We appreciate the resiliency of our team members, the unwavering support of our clients and the vision of Beach Community Bank.”