FCB Financial Holdings, the parent of Florida Community Bank, has agreed to acquire Floridian Community Holdings, the parent of Floridian Community Bank, in a deal valued at around $88.1m.
The deal adds $545m in assets and five retail locations to FCB’s portfolio. As per the agreed terms of the merger deal, Floridian Community shareholders will be entitled to receive 0.4584x shares of FCB Class A common stock for each share held and 1.75 million shares in the aggregate.
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The deal already secured the nod from the boards of both the companies. It is anticipated to be completed in the second quarter of 2018, subject to regulatory and shareholder approvals.
FCB expects the deal to be immediately accretive to earnings and have a modest impact on its capital ratios. Integration-related expenses are estimated to be between $8m and $10m.
FCB president and CEO Kent Ellert said: “The transaction with Floridian Community will strengthen our current franchise and accelerate our organic retail network expansion in strategic areas of focus. We are excited to welcome the Floridian Community Bank team and together create an even stronger bank for the Florida communities we serve.”
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