FCB Florida Bancorp. Inc. in Orlando has agreed to buy $110 million-asset Anderen Financial Inc. in Palm Harbor, Fla., for an undisclosed amount.

The deal, which is expected to close in the third quarter, would give the $740 million-asset, nine-branch FCB two branches in Palm Harbor and increase its assets to $850 million, the company said on Monday.

The companies also said that they plan to open three branches after the merger's completion.

Anderen Bank was formed in November 2007 and has never had a profitable quarter, according to data from the Federal Deposit Insurance Corp.

As of Dec. 31, the start-up Anderen had a total risk-based capital ratio of 69.58% and a Tier 1 risk-based capital ratio of 68.62%.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.