It is no secret that the last five years have been tough on millions of Americans. Many people have struggled to meet their financial obligations due to job loss or a weak real estate market. The economic downturn was also difficult for many businesses, including banks. Thanks to a new business deal, however, things are looking up for Florida Community Bank.
By the end of 2013, a merger between Florida Community Bank and Great Florida Bank is expected to be complete. This is a friendly merger that is welcomed by the president and chief executive officer of Florida Community. In a statement released by the bank, he expressed his eagerness to merge with Great Florida, as it allows the bank to expand. There will be 67 locations in Florida after the merger, which is still pending approval from Great Florida stockholders.
Florida Community Bank has had a rocky history over the past few years. In 2010, the bank collapsed. The bank was then acquired by a bank holding company known as Bond Street Holdings. The acquisition of Great Florida will be the ninth for Bond Street. Once the merger is complete, Florida Community will be the fourth largest bank in the state, with $4.4 billion in assets.
Business acquisitions can be a complicated situation that is filled with stress. If you are in the process of acquiring a new business, you may want to contact a lawyer. A lawyer will be able to ensure that the process is handled as smoothly as possible.
Source: news-press.com, “Florida Community, Great Florida banks merge,” Dick Hogan, July 17, 2013