National Commerce Corp. in Birmingham, Ala., has agreed to buy Reunion Bank of Florida in Tavares.

The $1.2 billion-asset National Commerce said in a press release Tuesday that it will pay about $37 million in cash and stock for the $300 million-asset Reunion Bank.

Reunion Bank will continue to operate under its name and its existing management team.

"The merger with Reunion is an important component of our strategic plan to build a meaningful community banking franchise in areas that we know well," John Holcomb 3rd, National Commerce's chairman and chief executive, said in the release.

Keefe, Bruyette & Woods and Maynard, Cooper & Gale advised National Commerce. Monroe Financial Partners and Smith Mackinnon advised Reunion Bank.

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