Birmingham-based National Commerce Corporation (NCC) is purchasing Patriot Bank of Trinity, Florida in a deal worth $31.3 million.
NCC is the parent company of National Bank of Commerce (NBC).
The combined institution will have approximately $2.6 billion in assets.
“We are excited to announce the merger with Patriot Bank,” said John Holcomb, NCC’s chair and chief executive officer. “We have gotten to know David Key over the past couple of years, and we are pleased to partner with him and his team in our entry into the Tampa market.”
David Key, Patriot Bank president and chief executive officer, added: “We are pleased to announce our affiliation with National Commerce Corporation. We believe that our cultures are well-suited for one another and that we will be able to better serve customers in the Tampa market as part of a larger community banking organization.”
Terms of the agreement include each share of Patriot Bank common stock issued and outstanding up to the effective time of the merger to be converted into the right to receive 0.1711 shares of NCC common stock and $0.725 in cash, without interest.
Outstanding options to buy Patriot Bank common stock before the date of the merger will be canceled. Holders of options that are “in the money” will receive a cash payment as consideration.
Boards of NCC, NBC, and Patriot Bank approved the transaction. The transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by Patriot Bank shareholders.
Keefe, Bruyette & Woods, Inc. acted as NCC’s as the financial adviser to NCC; Maynard, Cooper & Gale, P.C. was its legal adviser. Raymond James & Associates, Inc. acted as Patriot Bank’s financial adviser; Smith MacKinnon, PA acted as legal adviser.
National Bank of Commerce runs seven full-service banking offices in Alabama, as well as 10 full-service banking offices in central and northeast Florida (under the brands United Legacy Bank and Reunion Bank of Florida). NBC also operates two full-service banking offices in Atlanta. The company carries $1.9 billion in assets as of Dec. 31.