Floridian Community Bank Announces Agreement to Acquire Branch Network from Valley Bank
Press Release
Source: Floridian Community Bank, Inc.
On Monday July 20, 2009, 4:43 pm EDT
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DAVIE, Fla.--(BUSINESS WIRE)--Floridian Community Bank, Inc. and its parent holding company, Floridian Community Holdings, Inc. (“Floridian”), Davie, Florida, and Valley Bank, Ft. Lauderdale, Florida, today announced the signing of a definitive agreement providing for the acquisition of three Valley Bank branches, $100 million in deposits and $110 million in loans and securities by Floridian. Following the acquisition, Floridian will operate seven branches in Broward and Palm Beach Counties, and Valley Bank will maintain its administrative office on Las Olas Boulevard in Ft. Lauderdale. The transaction has been approved by the Boards of Directors of each company. The acquisition is subject to regulatory approvals and certain other conditions. Floridian expects to close the transaction in the fourth quarter of 2009.
Floridian’s Chief Executive Officer Joseph S. Marzouca stated, “We are very pleased to expand our footprint in Broward County with the addition of the three Valley Bank branches in Ft. Lauderdale, Tamarac and Hollywood. The cultures of both banks are similar and we look forward to continuing to provide Valley’s customers with the high level of customer service that both institutions endeavor to provide. Upon completion of the acquisition, Floridian will have in excess of $250 million in assets. The combined enterprise will allow us to continue to aggressively grow the bank in our markets and provide tailored banking services to customers who expect more than the out-of-state banks can offer. Valley’s management and employees will be a great addition to Floridian.”
Valley Bank President John Primeau will join Floridian Community Bank as its Broward County Area President. “John is a great fit to oversee the continued development of our franchise in Broward County. John and his lending team will be able to advance his efforts on service to customers and strengthen client relationships,” said Mr. Marzouca. Valley Bank Vice Chairman Larry C. Henson will also join Floridian Community Bank’s Board of Directors.
At June 30, 2009, Floridian Community Holdings had total consolidated assets of approximately $154 million and shareholders’ equity of approximately $16 million. Floridian Community Bank currently operates four full service offices in Davie, Juno Beach, Delray Beach, and Wellington, which opened in July 2009.
Contact:
Floridian Community Holdings, Inc., DavieJoseph S. Marzouca, Chief Executive Officer, 954-434-8050
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