Bancshares of Florida Inc., a three-bank holding company in Naples, is buying the $93 million-asset Bristol Bank of Coral Gables for $21 million in cash and stock.
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The 7-year-old Bristol Bank's single branch, in Coral Gables, would be merged into Bancshares of Florida's Fort Lauderdale subsidiary, Bank of Florida.
The deal, announced late Tuesday, is expected to close in the third quarter.
"Coral Gables is one of the crown jewels of this area," Michael McMullan, the president and chief executive officer of the $570 million-asset Bancshares of Florida, said in a press release "The demographics of this market are a perfect fit for our premium brand and business model."
