Orlando, Florida (PRWEB) November 06, 2012
Two of Central Florida’s most successful community banks today announced plans to combine their organizations. New Traditions National Bank will become a subsidiary of Old Florida Bancshares, Inc., which owns and operates Old Florida National Bank and Mercantile Capital Corporation. Under the terms of the merger agreement, the stock-for-stock transaction is valued at approximately $45 million. The agreement is subject to regulatory and New Traditions shareholder approvals and other customary closing conditions. The merger is expected to close in late 2013. As a result of the merger, the combined assets of Old Florida Bancshares will reach approximately $1.05 billion, including $685 million in loans, $967 million in deposits and capital of $123 million.
“We are excited about the opportunity to combine two successful homegrown institutions and believe that this partnership positions the Company to be the premier community banking organization in Central Florida,” stated Randy Burden, Chairman of Old Florida Bancshares. “Both banks have strong leadership, talented people and a loyal customer base. Our organizations complement each other very well, and we believe that this merger positions us positively as the Central Florida economy recovers.”
Sid Cash, Vice Chair at New Traditions, agreed. “The timing is perfect for a premier large community bank to emerge in Central Florida,” he observed. “Our investment in both human and financial capital has produced a real community dividend, and will create many future local lending opportunities. It just doesn’t get any better than that.”
Board leadership and management of both institutions will remain in place, and operations at all branch locations will continue uninterrupted. “This merger will broaden our banking reach from a geographic perspective, certainly,” said Cash. “But more importantly, it expands our ability to deliver full-service community banking with an impressive array of local talent.”
Old Florida Bancshares was advised by the investment banking firm Monroe Securities, Inc. and the law firm of Smith Mackinnon, PA. New Traditions National Bank was advised by the investment banking firm Keefe, Bruyette & Woods, Inc. and the law firm of Shutts & Bowen LLP.
This communication is being made in respect of the proposed transaction involving New Traditions National Bank and Old Florida Bancshares, Inc. This communication does not constitute an offer to sell or the solicitation to buy any securities or the solicitation of any vote or approval.
About Old Florida Bancshares, Inc.
Old Florida Bancshares, Inc. is the holding company of Old Florida National Bank, a federally chartered, locally managed independent bank serving both consumer and business customers. Founded in 1982 and headquartered in Orlando, Old Florida National Bank has more than $650 million in assets and nine full-service locations, including two downtown Orlando branches and community branches in Altamonte Springs, Apopka, College Park, Inverness, Lake Mary, Longwood and Winter Park. For more information, please visit http://www.oldfnb.com. Member FDIC.
About New Traditions National Bank
New Traditions National Bank is a federally chartered, locally owned community bank in Central Florida. Founded in 2008 and headquartered in Orlando, New Traditions primarily serves Orange and Seminole Counties with full-service banking offices in Orlando, Maitland and Longwood, FL. The bank focuses on providing financial products and services to small to medium-sized businesses and consumers. Managed independently with local leadership, New Traditions reported total assets of $455 million as of September 30, 2012. For more information, visit http://www.ntbank.net. Member FDIC.