WEST PALM BEACH, Fla. - Republic Security Bank entered into a definitive agreement to acquire the West Palm Beach office of Century Bank FSB, which is based in Sarasota.
The Century Bank branch had $32 million in total deposits at Sept. 30.
The agreement is subject to approval by bank regulatory authorities.
"This transaction provides a unique opportunity for Republic Security to expand its West Palm Beach banking center network," said Rudy Schupp, chairman of Republic Security.
"Together with the Banyan Bank acquisition announced last month, the addition of the Century Bank office should increase our total assets to nearly $360 million upon the conclusion of both transactions," Mr. Schupp said.