WESTON, FL (January 31, 2014) – Florida Community Bank, NA (“FCB” or the “Company”), a banking subsidiary of Bond Street Holdings, Inc. (“Bond Street”), today announced it has acquired Great Florida Bank (“Great Florida”) effective as of the close of business on January 31, 2014. Florida Community Bank is currently the fourth largest bank headquartered in Florida, with approximately $5 billion in assets and over 60 locations along both Florida coasts and in southeast Florida. “The strong support and collaboration between our teams to complete this transaction is extremely gratifying and only serves to reinforce the benefits of this combination” said Kent Ellert, President and Chief Executive Officer. “On Monday, we look forward to working together to serve our clients as one team with additional products and enhanced financial resources” he added.
• Q4 2013 Net Income of $6.9 million, up 165% from $2.6 million in Q4 2012
• Q4 2013 ROA of 0.74% up from Q4 2012 ROA of 0.31%
• Total loan portfolio increased 67% to $2.3 billion at year-end December 31, 2013
The Company also announced financial results for the quarter and year ended December 31, 2013. For the quarter ended December 31, 2013, the Company reported net income of $6.9 million and a return on average assets of 0.74%, compared to $2.6 million and a return on average assets of 0.32%, for the quarter ended December 31, 2012. For the year ended December 31, 2013, the Company reported net income of $18.1 million.
Mr. Ellert added, “Organic growth continues to drive our success and, together with the closing of the Great Florida transaction, our momentum has never been more positive. We are very pleased that our commercial bankers originated over $385 million in new credit commitments to Florida based businesses and individuals during the quarter.” Performance Highlights
• Total loans at December 31, 2013 were up 67% to $2.3 billion from $1.3 billion at the prior year-end. Organic loans grew by $434 million during the fourth quarter of 2013. For the year ended December 31, 2013, organic loans increased by $1.04 billion to $1.77 billion. As of December 31, 2013, organic loans were 78% of total loans held by the Company.
• Total deposits, excluding affiliated deposits, increased by $241 million for the quarter ended December 31, 2013 to $2.79 billion, with non-time deposits totaling $1.63 billion, or 58% of total deposits. For the year ended December 31, 2013, total deposits grew by $603 million.
• The net interest margin was 3.71% for the quarter ended December 31, 2013 compared to 4.05% for the quarter ended December 31, 2012, and 3.41% for the quarter ended September 30, 2013.
The Company continues to exceed all regulatory guidelines required to be considered well capitalized. The Company’s regulatory capital ratios at December 31, 2013 were as follows:
Tier 1 leverage 12.02%
Tier 1 risk-based capital 16.70%
Total risk-based capital 17.28%
About Florida Community Bank – Formed in 2009 and headquartered in South Florida, Florida Community Bank is the fourth largest independent bank in Florida. The Company is a community-oriented bank with approximately $5 billion in assets that operates over
60 community banking locations along both Florida coasts and in the Orlando area. This transaction marks Florida Community Bank’s substantial expansion into the southeast Florida markets in Miami-Dade and Broward Counties.
Sullivan & Cromwell LLP acted as Florida Community Bank’s legal counsel in connection with the merger with Great Florida.
This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and represent the Company’s expectations regarding future events. These forward-looking statements, identified by words such as “will,” “expected,” and “prospects,” involve risks and uncertainties that could cause the Company’s actual results or financial condition to differ, possibly materially, from those indicated in the forward- looking statements. These risks and uncertainties include general economic trends, changes in interest rates, increased competition, changes in consumer demand for financial services, other events affecting the industry generally, risks and uncertainties associated with newly developed or acquired operations, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update or revise any forward-looking statement to reflect new information or future events or circumstances.
Additional information on Florida Community Bank and the merger agreement may be obtained by contacting Isabel P. Andrews, Sr. Vice President at 407/539-7725. News media inquires and requests for additional comments, information and interviews may be directed to Frank S. Knautz at 941/735-1213. Additional information on Florida Community Bank may be obtained by visiting www.floridacommunitybank.com.