Coral Gables, Florida-based Professional Holding Corp. (PHC) and its principal subsidiary Professional Bank recently signed an agreement to acquire FirstCity Bank of Commerce of North Palm Beach, Florida.
"FirstCity Bank is pleased to find a partner with a similar philosophy of providing excellent service to the business community,” Reid Simmons, FirstCity's Chairman of the Board, said.
The approximately $6.8-million transaction has been approved by both entities’ boards of directors and signifies PHC’s growth into the desirable Palm Beach County area. When the deal is completed, PHC will have approximately $382 million in assets and $337 million in total deposits, with three full service banking offices.
"The FirstCity transaction is an important first step in our expansion plans throughout the tri-county area,” Daniel Sheehan, Professional Bank's Chairman and PHC Chairman and CEO, said. “The FirstCity board of directors along with their management team has done a great job navigating through a difficult community banking environment, and we are pleased about the opportunities for both Professional Bank and FirstCity that this transaction offers.”
Professional Bank is a Florida chartered, Federal Reserve member bank with two branches in Miami-Dade County. FirstCity Bank, founded in 2007, is a Florida chartered non-member bank serving individuals and small- to mid-sized businesses.
"We look forward to welcoming the customers and employees of FirstCity to the Professional Bank and merging our shared goals of providing superior credit products and service to the communities which we collectively serve," Raul Valdes-Fauli, Professional Bank's President and CEO, said.