Banking: USA's BankFIRST to buy East Coast Community Bank
The BANKshares, Inc. and BankFIRST (collectively "BankFIRST") today announced the signing of a definitive agreement to acquire all of the outstanding common stock of The Commercial Bancorp, Inc.
the holders of the outstanding common shares of The Commercial Bancorp, Inc. will be paid in a combination of cash, stock and a contingent cash payment based upon the performance of East Coast's loan portfolio following the merger.
Rafael Ramirez the President and CEO of East Coast Community Bank will become President, Volusia County for BankFIRST with responsibilities to expand the bank's Volusia County footprint.
Kevin Bowler, Director of East Coast Community Bank and President of Daytona Beverages will join the BankFIRST Board of Directors.
The takeover is subject to customary conditions, including the approval of the shareholders of The Commercial Bancorp, Inc. and bank regulatory agencies. Upon receipt of the approvals, the transaction is expected to close in the second quarter of 2011. Simultaneously with the completion of this acquisition, East Coast Community Bank will be subsumed into BankFIRST, a Winter Park-based wholly owned subsidiary of The BANKshares, Inc.
On a 30 September, 2010 pro forma basis with The Commercial Bancorp, Inc., BankFIRST would have approximately USD695 million in assets.
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