Bond Street Gets Approval to Buy Great Florida Bank

Bond Street Holdings in Fort Lauderdale, Fla., seems to have dodged the curse of the canceled bank deal.

The company's subsidiary, Florida Community Bank, announced Friday that it has received regulatory approval to buy Great Florida Bank (GFLB) in Miami Lakes. Bond Street agreed in July to pay $42.5 million for the $1 billion-asset Great Florida.

The $3.5 billion-asset Bond Street had bought eight failed banks in recent years, but it drew a lot of attention when its deal for Atlantic Coast Financial (ACFC) in Jacksonville fell through earlier this year. Atlantic Coast shareholders rejected the buyer's $13.1 million offer, arguing that it was too low at 33% of tangible book value. 

The Great Florida deal is expected to close on Jan. 31; Bond Street's Florida Community unit will have $5 billion of assets and 67 branches once it is completed.

"This acquisition reflects the continuing successful execution of our strategic plan to foster Florida Community's continued growth, both strategically and organically," bank President and Chief Executive Kent Ellert said in a press release Friday.

Another Florida bank deal also received regulatory approval this week.

The Office of the Comptroller of the Currency gave the green light to TGR Financial's purchase of Shamrock Bank of Florida, which is expected to close in late February. Both companies are based in Naples.

The combined company would have $833.7 million in assets, $559.8 million in loans and six branches in Collier County, according to a press release Wednesday. The company will operate under the name of TGR's subsidiary, First National Bank of the Gulf Coast.