Florida Community Bank has $42.5M deal for Great Florida Bank

Florida Community Bank plans to buy Great Florida Bank in a deal that would create Florida?s fourth largest banking institution.

The combination of the two banks will result in a bank with about $4.4 billion in assets and 67 locations along both Florida coasts and in southeast Florida, a statement said.

Florida Community Bank will pay $3.24 a share for the stock of Great Florida Bank (OTCBB: GFLB). That?s a ?substantial premium? to Great Florida?s average stock price over the preceding several years, the statement said.

The total cash value of the deal is $42.5 million, the South Florida Business Journal reported. The transaction is expected to be completed by the end of the year.

Florida Community, a Fort Lauderdale-based banking subsidiary of private equity firm Bond Street Holdings, acquired the failed Peninsula Bank in 2010 and the failed Cortez Community Bank in 2011. Five of Florida Community?s 42 branches are in the Tampa Bay area, in Hernando and Sarasota counties.

Margie Manning is Quality and Content Editor of the Tampa Bay Business Journal. She also covers banking, finance and professional services.

Source: http://feedproxy.google.com/~r/bizj_tampabay/~3/Xq3mmPcCgPA/florida-community-bank-has-425m-deal.html

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