News Column

United States : NATIONAL COMMERCE CORPORATION signed a definitive agreement to make a new acquisition

June 9, 2014

The Birmingham-based National Commerce Corporation on Friday has inked a definitive agreement for the acquisition of Florida Inc s United Group Banking Company.

Under the newly signed deal, United Legacy Bank, the subsidiary of Orlando-based United Group, will be a part of National Commerce Corporation, the parent of National Bank of Commerce, however, United Legacy Bank will maintain its operations devoid of any change in its brand name and its current management squad, according to the President and CEO of National Bank of Commerce - Richard Murray.

Both the parties are yet to reveal the financial terms for the deal, but hope to accomplish the same in last quarter of 2014.

The transaction, however, is dependent on regulatory nods and approvals from the shareholders of the two companies.

After the accomplishment of the merger, the joined entity will have about assets of $1 billion.

The Chairman and CEO of National Commerce Corporation - John H. Holcomb III stated, We couldn t be more pleased to be partnering with the people at United Legacy.

Our management teams have known and worked with one another for the better part of 15 years, and we have great respect for the United Legacy board and management team. We have talked about a potential business partnership several times over the years, so we are excited to be taking this next step in our strategic plan.

The parent of National Bank of Commerce will complete its maiden acquisition deal after its management squad acquired control over the previous Red Mountain Bank and improved the condition the bank.

The subsidiary of National Commerce Corporation opened a loan production office on the Florida Treasure Coast in Vero Beach in April this year, reflecting its first venture in the state.

National Bank of Commerce operates in Birmingham, Huntsville, Lee County, Baldwin County and Vero Beach, Florida.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)