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How Popular's decision to sell operations in California, Illinois and central Florida fit into the plans of three community banks looking to grow.
April 23 -
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
HCBF Holding in Fort Pierce, Fla., has agreed to buy Highlands Independent Bancshares in Sebring, Fla.
The companies did not disclose a price, though they expect to complete the transaction in the fourth quarter. The deal, announced Thursday, adds $250 million in assets and six branches to HCBFs Harbor Community Bank unit.
The deal deepens Harbors presence in central Florida. The company said in a press release that John Shoop, Highlands chief executive, would serve as market president in Highlands County.
The deal is the second transaction HCBF has announced in recent weeks. Harbor said in late April that it would pick up $115 million in loans, $239 million in deposits and nine branches
The two deals would bring the $627 million-asset Harbor close to $1 billion in assets, an important demarcation where some banks say that can achieve adequate scale to compete. For privately held banks, it is often the minimum size needed to successfully take their company public.
Harbor is led by the team that ran Harbor Florida Bancshares, which was sold to National City in 2006. Led by
