CLEARWATER, Fla., July 8, 2011 /PRNewswire/ -- Old Harbor Bank
(OTCBB: OHBK) announced today that it has entered into a definitive
agreement pursuant to which Community Bank & Co., Lakewood Ranch, FL will acquire substantially
all of its assets and liabilities. In connection with the
transaction, the holding company for Community Bank will invest an
additional $25 million into Community
Bank. Old Harbor's seven banking offices will join Community Bank,
which will become one of the largest and best capitalized banks in
the Tampa Bay region.
"We are delighted to join together with Community Bank &
Co.," stated Anthony N. Leo, Chief
Executive Officer of Old Harbor Bank. "This transaction will offer
our customers the additional convenience and service of being a
part of an outstanding institution with 24 offices throughout the
Tampa Bay area."
The transaction has been approved by the Board of Directors of
both institutions, as well as the shareholders of the Old Harbor
Bank. The transaction is subject to the regulatory approval and
other customary conditions. Under the terms of the definitive
agreement, Community Bank will acquire the assets of Old Harbor
Bank in consideration of its assumption of substantially all of the
liabilities of Old Harbor Bank. The transaction will not result in
any consideration to shareholders of Old Harbor Bank.
Old Harbor Bank operates seven banking offices in Pinellas and Pasco Counties, and has total assets of
approximately $215 million.
Kendrick Pierce & Co. of
Tampa, FL served as financial
advisor to Old Harbor Bank and Bush Ross of Tampa, Florida served as the Bank's
counsel.
SOURCE Old Harbor Bank