FCB Financial to buy Floridian Community Bank
FCB Financial Holdings in Weston, Fla., has agreed to buy Floridian Community Bank in Davie.
The $10.2 billion-asset FCB said in a press release Monday that it will pay $88.1 million in cash and stock for the $545 million-asset Floridian. The deal, which is expected to close in the second quarter, priced Floridian at 172% of its tangible book value.
The transaction “will strengthen our current franchise and accelerate our organic retail network expansion in strategic areas of focus,” Kent Ellert, FCB’s president and CEO, said in the release. “We are excited to welcome the Floridian Community Bank team and together create an even stronger bank for the Florida communities we serve.”
FCB said it expects to cut about 45% of Floridian’s annual expenses. Merger-related costs are expected to be between $8 million and $10 million.
FCB said the deal should be 1% accretive to its 2018 earnings and 2% accretive the next year. It should take 2.75 years to earn back the deal’s less than 1% dilution to FCB’s tangible book value.
Evercore, Sullivan & Cromwell and Kramer Levin Naftalis & Frankel advised FCB. Hovde Group and Igler and Pearlman advised Floridian.