National Bank of Commerce in Birmingham, Ala., is beefing up in Florida with a deal to buy United Group Banking Company of Florida in Longwood.
United Group Banking Company of Florida has five branches and $229 million of assets. Its bank subsidiary, United Legacy Bank, will continue to operate under that name, National Commerce said in announcing the deal last week.
It would be the first bank acquisition for National Commerce, which was founded as Red Mountain Bank in 2004 and renamed National Commerce in 2010, according to the Federal Deposit Insurance Corp.
National Commerce has $751 million of assets. The bank holding company for National Bank of Commerce has eight branches in Alabama and a loan production office in Vero Beach, Fla.
The deal is expected to close in the first quarter, and was first reported by the Birmingham Business Journal. No price was disclosed.