Beach Community Bank is set to merge its operations with First City Bank of Florida to create a combined lender with nearly $675m in assets.
The lender has signed an agreement with Florida First City Banks and First City Bank of Florida to execute the combination.
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As agreed, First City Bank of Florida will merge with and into Beach Community Bank. The combination will not affect First City Bank of Florida’s regular operations.
Beach Community Bank president and CEO Chip Reeves said: “I am thrilled at the rare opportunity to join forces with one of Northwest Florida’s founding financial institutions.
“And even more unique is finding another institution 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 deal is expected to further bolster Beach Community Bank’s position in the region. Currently, it has 11 branch locations in Northwest Florida serving individuals, business owners and professionals.
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By GlobalDataBeach Community Bank chairman Carl Chaney said: “This merger is an important and integral next step for Beach as we build a Florida based multi-billion-dollar business bank.
“We look forward to welcoming First City Bank’s team members and clients.”
Notably, the bank raised $100m in July 2018 as part of its recapitalisation efforts.
The transaction is expected to close in the second quarter of this year. The closure is subject to court approval and regulatory nods.
