TIB Financial Corp. of Key Largo, Fla., plans to double its branches in the Homestead area by purchasing two branches from Republic Security Bank of West Palm Beach.
TIB, with $405 million of assets and 13 branches, would operate the branches, which have $10 million of loans and $22 million of deposits, under its subsidiary TIB Bank of the Keys.
The banking company also agreed to acquire certain additional residential mortgage loans in Dade County from Republic's parent company, $3.4 billion-asset Republic Security Financial Corp.
Edward Lett, president and chief executive officer of TIB, said it has been looking to expand its market share in the Homestead area. After contacting a few banks, it received a response from Republic executives who wanted to sell the two branches, which are on the outskirts of Republic's market in South Florida, he said.
The branches would fit well into TIB's network, Mr. Lett said.
The deal is expected to close by yearend.