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GFLB: Finra deleted symbol. Merged with Florida Community Bank, N.A ($3.24 /share)
http://www.otcbb.com/asp/dailylist_detail.asp?d=02/06/2014&mkt_ctg=NON-OTCBB
Florida Community Bank, N.A. Receives Regulatory Approval to Acquire Great Florida Bank.
Posted on Friday, 01.17.14
WESTON, Fla. -- Florida Community Bank, N.A. (“FCB” or the "Company"), 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.
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http://www.miamiherald.com/2014/01/17/3876703/florida-community-bank-na-receives.html
Marker:
Great Florida Bank ( (GFLB)
$3.22 yp 0.17 (5.57%)
Volume: 31,708
*Bond Street Holdings is the horse to watch for Bank deals in Florida.
Florida Community Bank, N.A., the Fifth Largest Independent Banking Organization Headquartered in Florida, Signs Definitive Merger Agreement with Great Florida Bank
Merger to provide Florida Community Bank with Significant Expansion into Miami-Dade and Broward Counties with the addition of over $1.0 billion in assets and 25 locationsBanking Institutions will Combine to be One of the Strongest Banking Organizations in
WESTON, Fla. -- Florida Community Bank, N.A. (“FCB” or the "Company"), a banking subsidiary of Bond Street Holdings, Inc. (“Bond Street”), today announced a strategic merger transaction with Great Florida Bank (“Great Florida”) that will, upon closing, result in creating Florida’s fourth largest independent banking institution. For Great Florida, the transaction will provide value for all stockholders relative to the present value of their investment and create a competitive community banking organization that is well positioned to meet the needs of its customers and communities for the long term.
The Company has entered into a merger agreement with Great Florida, which contemplates the merger of Great Florida into the Company. Upon completion of the merger, Great Florida’s stockholders will receive $3.24 per share in cash for each common share owned. The $3.24 per share merger consideration to be realized by Great Florida stockholders represents a substantial premium to the Great Florida's average stock price over the preceding several years. The transaction is expected to be completed by the end of the fourth quarter of 2013, subject to customary conditions, including receipt of regulatory approvals and the approval of Great Florida stockholders.
"The transaction with Great Florida Bank is truly a ‘game changer’ for our Company as we have been eager to expand our presence in Miami, Florida’s largest metro market. We are a Florida Based, Florida Focused Company and the merger with Great Florida Bank adds significant scale to our brand and will result in meaningful synergies that will benefit customers and communities of both institutions,” added Kent Ellert, President and Chief Executive Officer of Florida Community Bank. “We are thrilled by the prospects of growing our banking platform with the addition of the Great Florida Bank team and the opportunities we foresee as we move together to build Florida’s leading independent commercial bank. 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."
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.”
Great Florida stated that its Board of Directors, with the assistance of the Board's independent financial advisor, Hovde Group LLC, unanimously approved the merger.
When the transaction is completed, Florida Community Bank will become the fourth largest bank headquartered in Florida, with approximately $4.4 billion in assets and 67 locations along both Florida coasts and in southeast Florida.
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 $3.4 billion in assets that operates 42 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.
http://www.miamiherald.com/2013/07/17/3504164_p2/florida-community-bank-na-the.html
Anticipated buyout merger, $3.24 per Share! Join us in 'The Bank Recovery Room'
I borrowed this from one of the Bankaholics in The Bank Recovery Room.
Crazy, $3.24 per share in 'The Deal'. Join us in'The Bank Recovery Room' we're chatting about it there!
I stumbled upon this one awhile back but I disregarded it.
The CEO seems to have too much of a positive outlook considering they still haven't breached profitability.
Although, I wouldn't blame anyone for investing in this since there is so much upside potential and they are getting closer to profitability...
Who knows maybe I'll invest in this too... But I have so many other banks on my list that are in better standing that it's hard to make the move to put money into this one.
I agree. I'm focusing most of my efforts on turn-around possibilities. My non-bank holdings are LTS, ROX, COSI and (more like a stuckholder) ANDR (which I used to roll annually, but appears to have rolled over in a coma).
Great piece of work and TY for posting. Yes, I agree there are a few red flags in the article, however, were it not for this regional banking sector I guess many of us would take up walking through mine fields barefooted as a hobby. I think money can be made here but one really needs to be careful.
Just spotted GFLB news at http://www.bizjournals.com/southflorida/news/2013/04/30/great-florida-bank-loss-narrows-plans.html
a few red flags in that report.
But, I have worked with business people a lot in So. Florida and many are shysters and a lot more are less than honest. That means there might be a good p&d opportunity here.
Anyone know if the FDIC is squeezing them to raise Tier 1 capital ratios? They have not met the targets imposed on them in 2010.
(GFLB) Details
Great Florida Bank provides various consumer and commercial banking products and services to individuals, businesses, and industries in southeast Florida. It offers interest-bearing and noninterest-bearing demand deposit accounts, money market deposit accounts, NOW accounts, time deposits, credit cards, cash management services, direct deposits, notary services, night depository services, cashier’s checks, domestic collections, bank drafts, automated teller services, automated teller machine cards, and mobile and online banking services. The company also provides land, land development, and real estate construction loans, as well as residential real estate loans, commercial real estate loans, commercial and industrial loans, secured and unsecured consumer loans, and other loans; and issues stand-by and commercial letters of credit. As of March 4, 2011, it operated 28 banking offices in Miami-Dade, Broward, and Palm Beach counties. The company was founded in 2004 and is headquartered in Miami Lakes, Florida.
Detailed GFLB:US Company Description...
www.greatfloridabank.com
159 Employees
Last Reported Date: 05/15/12
Founded in 2004
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