FirstAtlantic to Buy CenterBank in Jacksonville

By Paul Davis July 27, 2011, 1:46 p.m. EDT 1 Min Read

FirstAtlantic Bank said Wednesday that it had agreed to buy CenterBank in a deal that will combine two Jacksonville, Fla., banks.

The $209.1 million-asset FirstAtlantic said it will file an application with the Office of the Comptroller of the Currency to buy CenterBank, which had $169.6 million in assets at March 31. FirstAtlantic said it expects to complete the acquisition in the fourth quarter. The company did not provide a price.

"By combining the organizations, FirstAtlantic will double the number of customers we serve and increase our market share," said Mitch Hunt, FirstAtlantic's president and chief executive, in a press release.

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