LAKE CITY, Fla., March 21, 2018 /PRNewswire/ -- First Federal Bancorp Inc., the holding company of First Federal Bank of Florida, and Coastal Banking Company Inc., the holding company of CBC National Bank, today announced that they have received all required approvals from the Federal Reserve Bank of Atlanta, the Office of the Comptroller of the Currency, and the South Carolina Office of the Commissioner of Banking for their previously announced merger.
On Nov. 7, 2017, First Federal announced a definitive merger agreement to acquire Coastal Banking Company and CBC National Bank, based in Fernandina Beach, Fla. Coastal Banking Company shareholders approved the merger in a vote that took place Feb. 20.
First Federal and Coastal Banking Company expect to complete the proposed merger April 2, at which time CBC National Bank will be merged with and into First Federal Bank of Florida.
Upon completion of the merger, First Federal will pay $21.50 per share in cash for each Coastal Banking Company common share and stock option outstanding in a transaction valued at $83.2 million.
"We look forward to taking the final steps toward completing the merger and beginning the process of integrating CBC into First Federal Bank," said Keith Leibfried, president and chief executive officer of First Federal. "We are excited to provide the customers of our combined company with a new level of convenience, service and choice. The integration of CBC will add banking offices in Nassau County, Ocala and South Carolina, residential mortgage, and both SBA and USDA lending offices across Florida and multiple states, along with the existing knowledgeable, friendly staff."
It is expected that integration of CBC's operations should be completed by Aug. 24.
About First Federal
First Federal Bank of Florida is a community bank founded in the heart of North Florida in 1962. Today, First Federal is a $1.37 billion-asset institution offering a full line of personal and business financial solutions, loans, and services from Florida's Panhandle to the First Coast. First Federal is a mutual savings bank and continues to receive a "5-Star, Superior" financial rating from BauerFinancial Inc. For more information, visit www.ffbf.com.
About Coastal Banking Company
Coastal Banking Company Inc. is the $606.4 million-asset bank holding company of CBC National Bank, which provides a full range of consumer and business banking services through full-service banking offices in Fernandina Beach, Ocala, and The Villages, Fla., and Beaufort and Port Royal, S.C. The company's residential mortgage banking division, headquartered in Atlanta, includes both traditional retail and wholesale lending groups. The company's SBA lending division originates SBA, USDA and FSA loans throughout the southeastern United States.
Cautionary Notice Regarding Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is intended to be protected by the safe harbor provided by the same. Forward-looking statements can be identified by the use of the words "anticipate," "expect," "intend," "estimate," "target," and words of similar import. Forward-looking statements are not historical facts but instead express only management's beliefs regarding future results or events, many of which, by their nature, are inherently uncertain and outside of management's control. It is possible that actual results and outcomes may differ, possibly materially, from the anticipated results or outcomes indicated in these forward-looking statements. Risks and uncertainties to which these statements are subject include, but are not limited to, the following:; the timing to consummate the proposed merger; the risk that a condition to closing of the proposed merger may not be satisfied; the parties' ability to achieve the synergies and value creation contemplated by the proposed merger; the parties' ability to promptly and effectively integrate the businesses of First Federal and Coastal; the diversion of management time on issues related to the merger; the failure to consummate or delay in consummating the merger for other reasons; changes in laws or regulations; and changes in general economic conditions. No assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what impact they will have on the results of operations or financial condition of First Federal and Coastal. Forward-looking statements are made only as of the date of this communication, and neither First Federal nor Coastal undertakes any obligation to update any forward-looking statements contained herein to reflect events or conditions after the date hereof.
SOURCE CBC National Bank