FIRST AMERICA HOLDINGS CORPORATION TO MERGE WITH MRCB HOLDINGS, INC.
April 9, 2009
For more information call,
Dan Hager 941-761-7090
Allen Langford 941-722-2992
Osprey and Palmetto, FL, April 9, 2009—First America Holdings Corporation and MRCB Holdings, Inc. today announced the signing of a definitive agreement to merge their holding companies and respective wholly-owned community banks, First America Bank and Manatee River Community Bank.
First America has offices in Osprey, Sarasota and Bradenton. Manatee River has locations in Palmetto and Ellenton. The combined company will have approximately $285 million in assets and will be headquartered at First America’s existing office, 2811 Manatee Avenue West in Bradenton.
The merger, which has been approved by the boards of directors of both companies, is subject to the approval of MRCB and First America shareholders and regulatory agencies. The transaction is expected to finalize during the third quarter of 2009. The combined bank will be FDIC insured and will remain well capitalized according to regulatory guidelines.
“This merger is about the growth of two companies that will fit together exceptionally well,” says Dan Hager, chairman, president and chief executive officer of First America. “With five combined banking offices we will be able to provide additional services, products and convenience, allowing us to enhance existing relationships and encouraging new customers to join our banking family. We look forward to the opportunities our success will provide for our customers, employees, and shareholders.”
"First America and Manatee River are the perfect partners.” says Allen Langford, president and chief executive officer of Manatee River. “This combination is about great banking teams joining similar cultures and a shared commitment to provide the best possible customer service. We are taking a significant step in positioning ourselves for future growth,” continues Langford.
Manatee River was established in 1998 and First America in 2004, by local bankers who recognized the opportunities to provide a high-level of personal services to customers who were not being served by large national and regional banks.
First America Bank and Manatee River Community Bank Merger
After the merger Hager will be chairman and chief executive officer, and Langford will be president of the combined company. Both Boards of Directors, made up of outstanding local men and women, will merge and will stay intact.
“We are excited to be joining Manatee River. Despite a challenging economic and banking environment, we believe the timing perfect,” says Hager. “The combined company will have greater financial strength, market presence, and growth potential than either bank has individually. “This truly is a merger of equals,” states Langford.
Because of the nature of each bank’s operations, and banking locations, there are no overlapping job positions. As a result there will be no loss of employees. “We are especially pleased that the employees of both banks will stay with us and customers will continue to recognize the same friendly staff at each branch,” adds Hager.
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