National Commerce in Birmingham, Ala., has agreed to buy Premier Community Bank of Florida in Bradenton.
The $2.7 billion-asset National Commerce said in a press release Tuesday that it will pay $52 million in cash and stock for the $201 million-asset Premier. The deal is expected to close in the third quarter.
The acquisition provides National Commerce with its first branches in Sarasota, Fla.
“We believe Premier’s growing core deposit base, led by its community/homeowners’ association deposit business and core banking business, will be of great value to our company,” Richard Murray IV, National Commerce’s president and CEO, said in the release.
Premier will keep its name after the deal closes.
National Commerce said it should take less than a year to earn back any dilution to its tangible book value.
Keefe, Bruyette & Woods and Maynard, Cooper & Gale advised National Commerce. Hovde Group and Smith Mackinnon advised Premier.