First Citizens BancShares in Raleigh, N.C., has agreed to buy HomeBancorp in Tampa, Fla.

The $35 billion-asset First Citizens said in a press release Monday that it will pay $15.03 a share for the $955 million-asset parent of HomeBanc. Based on the number of HomeBancorp shares outstanding at Sept. 30, the purchase price would be $87 million.

The deal is expected to close in the second quarter.

HomeBancorp has 13 branches, $699 million in deposits and $637 million in loans. First Citizens, which has 15 branches in Florida, will enter Orlando and Tampa with the acquisition.

“This agreement is a significant opportunity to fill in our footprint in Florida and expand into two new markets … while creating value for shareholders and customers of both organizations,” Frank Holding Jr., First Citizens’ chairman and CEO, said in the release.

Keefe, Bruyette & Woods and Covington & Burling advised HomeBancorp. Ward and Smith advised First Citizens.

Frank B. Holding, Jr., CEO of First Citizens.
First Citizens, led by CEO Frank Holding Jr., will nearly double the size of its Florida branch network after buying HomeBancorp.

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.