Professional Bank has struck a deal to buy FirstCity Bank of Commerce for $6.8 million.
FirstCity has one branch in North Palm Beach and about $62 million in deposits. It will be Coral Gables-based Professional Bank’s first location outside of Miami-Dade County. Both of its other branches are in Coral Gables. The bank said it plans further expansion in the tri-county area.
“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 in a statement.
Professional Bank’s holding company Professional Holding is expected to complete the deal in the first half of 2016. Regulators and FirstCity shareholders must first give their blessing.
Professional Bank has a five-star rating from Bauer Financial. It will have approximately $337 million in deposits if the deal goes through.