Coastal Community Investments Inc. in Panama City Beach, Fla., said it plans to buy the $84 million-asset Bayside Savings Bank in Port Saint Joe, Fla.
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The deal was announced Tuesday and is expected to close in the first quarter. Coastal did not disclose a sale price, but SNL Financial LC in Charlottesville, Va., calculated it at $18.9 million, or 2.39 times Bayside's book value.
The $300 million-asset Coastal has seven branches in seven Florida Panhandle communities, including one in Port Saint Joe. Bayside's lone office would be merged into Coastal Community Bank and would be Coastal's second in Gulf County.
