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.