First Federal Bancorp, the holding company of First Federal Bank of Florida, and Coastal Banking Company, the holding company of CBC National Bank, 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.
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 CEO of First Federal. “We are excited to provide the customers of our combined company with a new level of convenience, service and choice.”
CBC expects to complete its operations integration by August 24.