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Many people in Florida were sure that M&A would pass over the Sunshine State for years after the financial crisis. But a recent influx of deals suggests that Florida hasn't lost its luster.
May 19 -
Heritage Financial (HBOS) in Albany, Ga., has agreed to buy Alarion Financial Services in Ocala, Fla.
April 22 -
Valley National Bancorp (VLY) in Wayne, N.J., has agreed to buy 1st United Bancorp (FUBC) in Boca Raton, Fla.
May 8 -
HCBF Holding in Fort Pierce, Fla., has agreed to buy Highlands Independent Bancshares in Sebring, Fla.
May 16 -
In the last year, Michael Brown Sr. raised nearly $330 million, bought a small Florida bank, converted it to a thrift, struck a deal for a weaker competitor, bought a branch from the Federal Deposit Insurance Corp. — and turned 70 years old. The chairman and chief executive officer of HCBF Holding Co. in Palm City says he's just getting started.
May 19
National Bank of Commerce in Birmingham, Ala., is beefing up in Florida with a deal to buy United Group Banking Company of Florida in Longwood.
United Group Banking Company of Florida has five branches and $229 million of assets. Its bank subsidiary, United Legacy Bank, will continue to operate under that name, National Commerce said in announcing the deal last week.
It would be the first bank acquisition for National Commerce, which was founded as Red Mountain Bank in 2004 and renamed National Commerce in 2010, according to the Federal Deposit Insurance Corp.
National Commerce has $751 million of assets. The bank holding company for National Bank of Commerce has eight branches in Alabama and a loan production office in Vero Beach, Fla.
The deal is expected to close in the first quarter, and was first reported by the Birmingham Business Journal. No price was disclosed.
