National Commerce expands Fla. operations with latest purchase

National Commerce in Birmingham, Ala., has agreed to buy FirstAtlantic Financial Holdings in Jacksonville, Fla.

The $2.4 billion-asset National Commerce said in a press release Wednesday that it will pay $108 million in cash and stock for the $462 million-asset FirstAtlantic. The deal, which is expected to close in the first quarter, prices FirstAtlantic at 177% of its tangible book value.

“The FirstAtlantic franchise is a great fit for us, and we are optimistic about the potential for the Jacksonville market,” Richard Murray IV, National Commerce’s president and CEO, said in the release.

National Commerce said it expects the deal to provide “mid-single-digit EPS accretion” once planned cost reductions are realized. It should take about two and a half years to earn back the deal’s 1% dilution to National Commerce’s tangible book value.

Keefe, Bruyette & Woods and Maynard, Cooper & Gale advised National Commerce. FIG Partners and Troutman Sanders advised FirstAtlantic.

For reprint and licensing requests for this article, click here.
Community banking M&A Capital Florida
MORE FROM AMERICAN BANKER