Republic Security Bank, West Palm Beach, Fla., said last week that it would buy two branches from Household Bank FSB, Prospect Heights, Ill., for an undisclosed price.
The $1.2 billion-asset bank plans to acquire $32 million of loans and $19 million of deposits with the branches in Tampa and Orlando. The deal is expected to close in November.
Rudy E. Schupp, chairman and chief executive officer of Republic Security, said the branches afford a "unique opportunity" to enter two large Florida markets where his bank has no presence.
It has been a busy few months for Republic Security. The company also has deals pending to buy First Palm Beach Bancorp., also of West Palm Beach, and Newberry (Fla.) Bank. If all three deals close, Republic Security would be the largest commercial bank based in Florida, with $3 billion of assets.