The companies jointly announced the merger May 10.
Sunshine Bancorp Inc., the parent holding company of Sunshine Bank, announced Tuesday, May 10, that Sunshine will acquire FBC Bancorp Inc.
FBC Bancorp Inc. is the parent holding company of the Florida Bank of Commerce.
Sunshine Bancorp Inc. and FBC Bancorp Inc. jointly announced the merger, which is valued at about $40 million dollars. The partnership will create a franchise with about $800 million dollars in assets, and 18 banking facilities across Central Florida, stretching from coast to coast. Additionally, the merger creates one of the largest community banks headquartered in Central Florida.
The transaction was unanimously supported by the boards of directors for both companies.
The merger adds $302 million dollars in assets, $223 million dollars in loans and $265 million dollars in deposits to Sunshine Bank.
"We are delighted to add FBC to our growing family," Andrew Samuel, President and CEO of Sunshine said. "We are excited to expand on our presence in the Orlando metro market with a strong partner who has a proven track record of high performance."
FBC shareholders will receive 0.88 shares of Sunshine common stock for each share of FBC common stock under the new merger agreement.
Dana Kilborne, the current president and CEO of FBC, is set to join the Sunshine executive team. Five board members from the FBC's board also will join the Sunshine board, creating 15 members total.
"This partnership will provide all clients a broader range of products and services, an expanded network of branch locations, and larger commercial banking capabilities, delivered in a high service, community bank model," Kilborne said. "In addition, our shareholders and option holders will have an approximate 35% ownership on a fully diluted basis in a dynamic Florida community banking franchise."
It is anticipated that the transaction will close in the third or fourth quarter of 2016.
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