First Columbia Bancorp in Lake City, Fla., has agreed to sell itself to an investor.
First Columbia, the parent company of the $208 million-asset Columbia Bank, said in a press release that PBD Holdings, a proposed holding company for P. Byron DeFoor in Ooltewah, Tenn., would be the acquirer. First Columbia did not disclose the price DeFoor’s company will pay.
DeFoor, who has majority ownership in Millennium Bank in Ooltewah and AB&T Financial in Gastonia, N.C., will appoint two directors to First Columbia’s board.
“This transaction is great for Columbia Bank, our employees, and our customers,” David Bridgeman, First Columbia’s president and CEO, said in the release. “We look forward to partnering with … DeFoor and continuing the legacy of community-oriented banking of our 106-year-old institution. This is a new chapter in our history but an extremely positive one.”
“I believe this bank, along with our other community banks, has a great opportunity to grow and thrive and continue to be a key asset to their communities,” DeFoor said in the release.
Banks Street Partners and Igler & Pearlman advised First Columbia. Miller & Martin advised DeFoor.