DADE CITY, FLORIDA (January 10, 2022) – Florida Bancshares, Inc. (“Florida Bancshares”), the bank holding company for its wholly-owned subsidiary, First National Bank of Pasco (“FNB”), today announced it has entered into a stock purchase agreement whereby Aiden Florida Bancshares, Inc., a newly-formed Florida corporation, will seek to acquire 65% to 80% of the outstanding shares of Florida Bancshares from its current shareholders for a price equal to 1.9x its adjusted book value per share.
Adjusted book value per share will be based on Florida Bancshares’ shareholders’ equity as of the month-end prior to the closing date of the transaction, to be adjusted for certain expense and income amounts incurred, divided by its fully diluted common shares outstanding. The closing of the transaction is subject to a number of conditions, including the receipt of regulatory approvals. All employees of FNB will be retained as part of the transaction.
“We are pleased and proud to become affiliated with Aiden Florida Bancshares, Inc.,” said Steven D. Hickman, President and CEO of FNB and Florida Bancshares. “Following our transaction, First National Bank of Pasco will be poised to continue growing its commercial banking franchise as well as benefit from tremendous fee income opportunities generated from FinTech businesses. The principals of Aiden have deep experience and expertise in technology-enabled financial services, and we look forward to deepening our partnership with them.” Following completion of the transaction, Mr. Hickman will remain President and CEO of FNB. “An equally important consideration for our Board is the ability to continue serving our existing customers with the same level of outstanding customer service as we will continue our local banking operations,” said Ander P. Gibbs, Chairman of FNB and Florida Bancshares.
FNB is a national banking association organized in 1986 and headquartered in Pasco County, Florida with approximately $276 million in assets. With its principal banking office in Dade City, Florida and four additional Florida branch offices in Zephyrhills (2), Lutz (1), and Tampa (1), FNB provides a powerful suite of competitive, quality products and services that distinguish it as the premier provider of financial services to customers in its market areas.
“We are eager and excited to partner with Florida Bancshares, Inc. and to expand the product offerings to its customer base,” said Fadi Cheikha, President of Aiden Florida Bancshares, Inc. “The knowledge and experience our principals bring to this relationship will aid in the growth of First National Bank of Pasco.”
Igler and Pearlman, P.A. served as legal counsel and Hovde Group, LLC served as financial advisor to Florida Bancshares in the transaction. Fenimore Kay Harrison LLP and Zeppos Law Group LLP served as legal counsel to Aiden Florida Bancshares, Inc. in the transaction.
For additional information, please contact:
Jody Grenville, First National Bank of Pasco, Corporate Secretary
(352) 521-7251 / email@example.com