HCBF Holding in Fort Pierce, Fla., has agreed to buy BSA Financial Services in St. Augustine, Fla.
HCBF will merge BSA Financial's $168 million-asset Bank of St. Augustine into Harbor Community Bank when the deal closes, the companies said Friday. The companies expect to complete the merger in the third quarter. They did not disclose the purchase price.
Jeff Bell, BSA Financial's president and chief executive, will become Harbor Bank's president for the northeast Florida region, managing newly expanded operations, the companies said.
Harbor Community Bank has $419 million in assets and 15 branches, including two in St. Augustine. Bank of St. Augustine has four branches, all in St. Augustine.
"We are eager to expand Harbor Community Bank in the rapidly growing St. Johns County market and to provide an excellent platform to continue development of our presence in this market," HCBF Holding Chairman and Chief Executive Michael Brown said in a press release. "The Bank of St. Augustine's four banking offices …fit well with our entry into the northeast Florida market in June of last year."
Brown, a former head of Harbor Florida Bancshares, founded HCBF in 2010. His first acquisition was the $97 million-asset First Bank & Trust in Indiantown, Fla. A year later, HCBF bought Grand Bank & Trust of Florida in West Palm Beach.
Harbor Florida Bancshares sold to National City in 2006.