TIB Financial Corp. in Naples, Fla., has agreed to purchase Bank of Venice for $16 million of cash and stock.
The $1.2 billion-asset TIB has a 17-branch network in Florida. Buying Bank of Venice would give it two more branches.
"Bank of Venice has developed an excellent customer base of commercial banking relationships in a vibrant market which is a natural extension of TIB's footprint and growth strategy for southwest Florida," Edward V. Lett, TIB's president and chief executive, said in a press release.
The $61 million-asset Bank of Venice was founded in January 2003. Its second-quarter earnings grew from a year earlier 33%, to $144,000, according to the Federal Deposit Insurance Corp.
The deal, announced late Monday, is expected to close next quarter.
