First Federal Bancorp, the holder of First Federal Bank of Florida and Coastal Banking Company, the holder of CBC National Bank have received all pending regulatory approvals for their previously announced merger.
They have received the approval from the Federal Reserve Bank of Atlanta, the Office of the Comptroller of the Currency and the South Carolina Office of the Commissioner of Banking.
In November last year, First Federal entered into a definitive merger agreement to acquire Coastal Banking Company and CBC National Bank.
Last month, the shareholders of Coastal Banking Company approved the merger.
Following the merger, scheduled to be completed on 2 April, First Federal will pay $21.50 per share in cash to the shareholders of Coastal Banking Company. The value of the transaction amounts to $83.2m.
First Federal president and CEO Keith Leibfried said: “We look forward to taking the final steps toward completing the merger and beginning the process of integrating CBC into First Federal Bank.
“We are excited to provide the customers of our combined company with a new level of convenience, service and choice.
“The integration of CBC will add banking offices in Nassau County, Ocala and South Carolina, residential mortgage, and both SBA and USDA lending offices across Florida and multiple states, along with the existing knowledgeable, friendly staff.”
The integration of all operations into one entity is expected to be completed by 24 August.