First Homestead Inc. of Homestead, Fla., announced that it has agreed to sell itself to Hometown of Homestead Inc., a newly formed private holding company.
First Homestead is the $250 million-asset holding company for First National Bank of South Florida.
It agreed to the deal to gain access to funding to help it expand, according to a press release issued last week.
The price was not disclosed. The deal is expected to close in the second quarter.
The buyer is led by Vernon Smith, who is the leading principal in four other independent Florida banks: the $2.9 billion-asset Riverside National Bank in Fort Pierce, the $76 million-asset Riverside Bank of Central Florida, in Winter Park, the $463 million-asset Riverside Bank of the Gulf Coast, in Cape Coral, and the $837 million -asset Prosperity Bank in St. Augustine.
First National Bank of South Florida is to retain its name and employees. Its president, William H. Losner, would retain his position.
