JACKSONVILLE, Fla., Sept. 29 /PRNewswire/ -- Florida Shores Bank SE today announced that it has signed a definitive agreement to acquire two branches of Florida Capital Bank.
The branches, which are located in Boca Raton and Ft. Lauderdale, will expand the footprint of Florida Shores, a full-service community bank in Pompano Beach. Its sister bank does business in Venice, Englewood and Ft. Myers. The transaction is subject to regulatory approval and is expected to close in the first quarter of 2010. Terms of the deal were not disclosed.
Bart Bishop will lead the Florida Capital operations as they are integrated into Florida Shores. The acquisition is not expected to result in any job losses.
"As a new and growing community bank in Southeast Florida, Florida Shores is committed to expanding in this market in order to better serve our customers," said Ben Smith, founder and chairman. "We are pleased to add the Boca Raton and Ft. Lauderdale operations of Florida Capital, which will give us a larger footprint in this key region and provide greater convenience to our customers.
"Florida Capital's approach to banking is very similar to ours: Keep decision-making local while providing competitive products and exceptional customer service. They will be an excellent fit for Florida Shores as we continue to develop in this market."
After the transaction closes, Florida Capital Bank customers utilizing the 1801 S. Federal Highway location in Boca Raton and the 200 E. Broward Blvd. branch in Ft. Lauderdale will be served by Florida Shores Bank.
"This transaction is a great deal for Florida Capital Bank, its customers and its shareholders," said Charles E. Hughes, Jr., president and CEO of the holding company, Florida Capital Group, Inc. "Not only are we able to preserve capital and reduce expenses but we are also able to meet the needs of our customers in South Florida through this transaction.
"Both banks are committed to make this a seamless transition for all customers, with no disruption of service. We invite our customers to call, go online or visit us in person with any questions or concerns."
About Florida Capital Bank
Florida Capital Bank N.A. is a nationally chartered statewide banking organization with a commitment to serving the business community of Florida. Headquartered in Jacksonville, the banks serve customers in Daytona Beach, Gainesville, Jacksonville, North Palm Beach, Orlando, Pinellas Park, St. Augustine, St. Petersburg, Tampa, Tarpon Springs, and Winter Park.
In addition, Florida Capital Bank N.A. has a loan production office in Jacksonville.
For more information please visit www.flcb.com.
About Florida Shores Bank
Established in 2006, Florida Shores Bank is a full-service, community bank located in Pompano Beach. 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 Bank
