Republic Bancshares, St. Petersburg, Fla., said last week that it has a deal to buy Lochaven Federal Savings and Loan Association for about $5.75 million of stock.
Lochaven, based in Orlando, has $58 million of assets and one full- service branch. The thrift also operates nine mortgage loan production offices throughout Florida.
"This deal fits in well with our strategy of creating a statewide franchise, giving us a greater presence in Orlando," said Stan R. Blakey, vice president of Republic. "Lochaven's mortgage franchise has the potential to make a very strong contribution to earnings and is a nice complement to our existing branch network in some of the state's major markets."
Republic has $1.6 billion of assets and two branches in Orlando. It has three other deals awaiting approval, which would add 11 branches to its 46- office network. This deal is expected to close in the third quarter.