Great Florida Bank (fka GFLB)

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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)
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*Bond Street Holdings is the horse to watch for Bank deals in Florida.