Florida Community Bank, N.A., a banking subsidiary of Bond Street Holdings, Inc. (“Bond Street”), today announced it has received regulatory approval from the Office of the Comptroller of the Currency to acquire Great Florida Bank (“Great Florida”). This approval represents the timely completion of the application process which began following the execution of a definitive acquisition agreement in July 2013. Based on the approval, the Company anticipates closing the acquisition of Great Florida on January 31, 2014. “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” added Kent Ellert, President and Chief Executive Officer of Florida Community Bank. “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. Customers of both institutions will benefit from this expanded choice in locations, as well as from the banking experience and expanded product offerings brought about by the merger. Consistent with our previously completed eight successful acquisitions, this merger will significantly enhance our Florida footprint and will provide a foundation for us to augment our commercial lending team to further generate organic growth. We look forward to adding the employees of Great Florida Bank to our team and together creating an even stronger bank for our customers, employees and the communities we serve.”
When the transaction is completed, Florida Community Bank will become the fourth largest bank headquartered in Florida, with approximately $5.0 billion in assets and 67 locations along both Florida coasts and in southeast Florida.
M. Mehdi Ghomeshi, President and Chief Executive Officer of Great Florida Bank, said, “This merger is a win for our stockholders, customers and banking franchise. This business combination significantly enhances our combined abilities to be one of the financially strongest and most competitive community banking organizations in Florida. We are confident that this merger is a highly attractive strategic alignment for all of our constituents.”
Sullivan & Cromwell LLP acted as Florida Community Bank’s legal counsel in connection with the merger.
About Florida Community Bank
Formed in 2009 and headquartered in South Florida, Florida Community Bank has become the fifth largest independent bank in Florida. The Company is a community-oriented bank with over $3.8 billion in assets that operates 41 community banking branches along both Florida coasts and in the Orlando area. This transaction marks Florida Community Bank’s substantial expansion into the southeast Florida markets in Miami-Dade and Broward Counties. Sullivan & Cromwell LLP acted as Florida Community’s legal counsel in connection with the merger.
About Great Florida Bank
Great Florida Bank, a state chartered commercial bank, headquartered in Miami Lakes, Florida, is a community-oriented financial institution serving southeastern Florida markets through 25 full-service locations, with a focus on the Miami metropolitan area. Investors may obtain additional information about Great Florida Bank online at www.greatfloridabank.com. Forward-looking Statements This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and represent the Company’s expectations regarding future events. These forward-looking statements, identified by words such as “will,” “expected,” and “prospects,” involve risks and uncertainties that could cause the Company’s actual results or financial condition to differ, possibly materially, from those indicated in the forward-looking statements. These risks and uncertainties include that the merger may not be completed, general economic trends, changes in interest rates, increased competition, changes in consumer demand for financial services, other events affecting the industry generally, risks and uncertainties associated with newly developed or acquired operations, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update or revise any forward-looking statement to reflect new information or future events or circumstances.