There are a number of strategies that businesses employ to ensure growth, such as following trends and ensuring high-quality service that brings customers back. Plus, some businesses in Fort Lauderdale and throughout the state also take advantage of the numerous benefits that acquiring another company can provide. However, there are many things that a business should focus on when it comes to mergers and acquisitions, from legal considerations to existing facilities and financial obligations.
Although they have been enjoying organic growth, Florida Community Bank (FCB) has taken another step forward by recently acquiring Great Florida Bank, which will make it one of the most sizeable banks chartered in the state. Covering 16 counties with 67 branches, this bank is already well-established in the region.
With an abundance of capital and an interest in continued expansion, the president and CEO of FCB has expressed interest in other Florida markets. Furthermore, he believes that both staff and shareholders would benefit from the company going public, which he is reviewing. Although some of the 546 employees that currently work for the bank could lose their job in the near future, he doesn’t believe the job loss will be severe.
While acquiring a new business may seem complex to some people, the process can be simplified when it is approached properly. After performing thorough research and covering every base, buying a company can be a great way to take advantage of opportunities and grow. If you have any questions or would like to consult an expert, talking to a legal professional could be helpful.
Source: South Florida Business Journal, “Florida Community Bank acquisition of Great Florida Bank approved,” Brian Bandell, Jan. 17, 2014