Florida Shores Bancorp has signed an agreement to acquire controlling interest in Shamrock Bank of Florida.
Shamrock Bank, with locations in Naples and Fort Myers, will bring $70m in assets to Florida Shores, a bank holding company that operates under the names of Florida Shores-Southwest and Florida Shores-Southeast.
Established in 2006, Florida Shores is a community-based commercial bank with locations in Pompano Beach, Venice, Englewood, Fort Myers, Naples, Boca Raton and Ft. Lauderdale serving individuals, businesses and associations.
The transaction, whose terms were not disclosed, is subject to regulatory and shareholder approval and is expected to close in the first quarter of 2010. Once approved, Shamrock will operate under the name of Florida Shores-Gulfcoast.
Donald J. York, president of Shamrock Bank, will join Florida Shores-Gulfcoast as vice chairman of its board. Paul R. Roney will continue to serve as chairman of the board, Susanne E. Bartlett as chief financial officer and Robert W. Carney, Jr. as senior vice president. Robert Vice will continue as president of Florida Shores Bank, Fort Myers.
Commenting on the deal, Ben Smith, founder and chairman of Florida Shores Bancorp, said: “Our goal is to be the best community bank in Florida – bar none.
“We view Naples and Fort Myers as key to our success and so are pleased to find such a strong partner as Shamrock Bank to introduce us to this important market.
“Under the leadership of Don York and Colleen Kvetko, who will serve as president, CEO and founding director of Florida Shores, we will become a major community banking resource for Southwest Florida businesses with expanded banking products, services and greater access to financial solutions for local companies”.
Two weeks ago, Florida Shores signed an agreement to acquire two branches of Florida Capital Bank, expanding in Boca Raton and Ft. Lauderdale.