Castle Creek Capital LLC, a merchant banking organization in Rancho Santa Fe, Calif., has agreed to buy The Bank in Melbourne, Fla., for about $45 million.
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Buying The Bank, which has assets of $206 million, would be Castle Creek's entry into the Florida market. The deal was announced Thursday and is expected to close in early 2007.
Mark Merlo, a senior vice president at Castle Creek, said in a press release, "For some time now, Castle Creek has been looking for opportunities in the Florida market and The Bank brings with it a tremendous group of employees and customers."
The Bank, which has three branches, would retain its name and management team. The deal requires the approval of shareholders and regulators.
