Coastal Banking Company, the holding company of CBC National Bank, received shareholder approval for its proposed merger with First Federal Bank of Florida’s holding company First Federal Bancorp.
First Federal will acquire Coastal Banking and CBC National Bank in a transaction valued at $83.2 million. At close, First Federal will pay $21.50 per share in cash for each Coastal Banking common share and stock option outstanding.
Pending regulatory approval, the merger is expected to be completed in Q2/18.
“We are gratified and excited to have taken another significant step toward our partnership with First Federal,” said Michael G. Sanchez, chairman and CEO of Coastal Banking. “The combination of our two organizations, including the vibrant markets we serve, the full array of personal and business financial services and products, and the knowledgeable, personable staff of both companies, will provide our customers with a new level of convenience, service and choice.”
Founded in 1962 as a community bank, First Federal Bank of Florida currently has approximately $1.5 billion in assets and offers a full line of personal and business financial solutions, loans and services.
