NAPLES, Fla., Oct. 15 /PRNewswire/ -- Florida Shores Bancorp today announced it has signed an agreement to acquire controlling interest in Shamrock Bank of Florida - its second transaction in two weeks as it continues to grow its Florida market presence.

Shamrock Bank, which was founded in 2007, has two locations and brings $70 million in assets to Florida Shores, a bank holding company that operates full-service commercial banks under the names of Florida Shores-Southwest and Florida Shores-Southeast. Once approved, Shamrock will operate under the name of Florida Shores-Gulfcoast.

The transaction is subject to regulatory and shareholder approval and is expected to close in the first quarter of 2010. Terms of the transaction were not disclosed.

Donald J. York, president of Shamrock Bank, will join Florida Shores-Gulfcoast as vice chairman of its board. Paul R. Roney will continue to serve as chairman of the board, Susanne E. Bartlett as chief financial officer and Robert W. Carney, Jr. as senior vice president. Robert Vice will continue as president of Florida Shores Bank, Fort Myers.

"Our goal is to be the best community bank in Florida - bar none," said Ben Smith, founder and chairman. "We view Naples and Fort Myers as key to our success and so are pleased to find such a strong partner as Shamrock Bank to introduce us to this important market.

"Under the leadership of Don York and Colleen Kvetko, who will serve as president, CEO and founding director of Florida Shores, we will become a major community banking resource for Southwest Florida businesses with expanded banking products, services and greater access to financial solutions for local companies."

The transaction is the second for Florida Shores, which is expanding in the region by adding community banks. Two weeks ago, Florida Shores signed an agreement to acquire two branches of Florida Capital Bank, adding locations in Boca Raton and Ft. Lauderdale to its growing footprint.

Once approved, Shamrock customers who use the 895 Fifth Ave. S in Naples and 102 N. Copeland Ave in Everglades City will be served by Florida Shores Bank.

"This consolidation brings together two solid community banks and an impressive management team of longtime Southwest Florida banking professionals," York said. "We have a shared business philosophy to build a strong community bank by helping our clients succeed in achieving their personal and business financial goals. We believe that this decision will benefit all of our stakeholders."

Florida Shores Bank will provide expanded services designed to support the success of local businesses and speed Southwest Florida's economic recovery.

In addition to a full range of comprehensive banking products and services, Florida Shores present programs designed to meet specialized client needs such as the Complete Lockbox Association Services System. This condominium/homeowner association program provides state-of-the-art lockbox processing with coupons, automatic debits, late notices, payment notices and other unique features as well as loans for capital needs and lines of credit.

"Florida Shores is a true community bank with financial solutions to meet the specific needs of individual residents and businesses," Kvetko said. "Banking decisions are made locally by a locally based board of directors, which is a great advantage to our clients in today's challenging economic times.

"This is community banking at its best. We are invested in the success of our neighbors and share a firm belief in relationship banking with a high-service approach that emphasize personalized solutions."

About Florida Shores Bank

Established in 2006, Florida Shores Bank is a full-service, community-based commercial bank with locations in Pompano Beach, Venice, Englewood, Fort Myers, Naples, Boca Raton and Ft. Lauderdale. Florida Shores serves the needs of individuals, businesses and associations in Southern Florida with a comprehensive slate of market-leading products and services. For more information, visit www.floridashoresbank.com.

SOURCE Florida Shores Bancorp