JACKSONVILLE, FL (January 27, 2012)- CenterState Bank of Florida announced that it has entered into a purchase and assumption agreement with loss share arrangements with the Federal Deposit Insurance Corporation (“FDIC”) to assume all the deposits and certain other liabilities and purchase certain assets of First Guaranty Bank and Trust Company, headquartered in Jacksonville, Florida. As a result of this transaction, all deposits, even those over the insured limits, are fully secure and safe. This is the 6th FDIC assisted acquisition for CenterState Bank.
Founded in 1947, First Guaranty Bank and Trust Company currently operates 8 banking locations and trust operations within the greater Jacksonville area. As of September 30, 2011, First Guaranty Bank and Trust Company had approximately $378 million in total assets and $350 million in total deposits.
Gilbert J. Pomar, III, Market President for CenterState Bank stated, “First Guaranty Bank and the Fant family have a rich and wonderful tradition here in Jacksonville. We are dedicated to keeping that and adding to it over time. This is a special opportunity to partner with the customers and employees of this unique organization. We want to offer a warm welcome to First Guaranty Bank and Trust Company customers. Their money is definitely safe, and they will see the same smiling faces Monday morning.”
Jay Fant, First Guaranty’s Chairman and CEO says; “This is such positive news for First Guaranty clients. CenterState is a Florida bank, very similar to ours. We have known their bankers for years on a professional and personal basis. These are super folks and it’s a win for Jacksonville.
Hickory Fant, First Guaranty’s Chairman Emeritus adds; “This is a home run for Jacksonville. CenterState is arguably Florida’s best known bank for customer service and financial strength. The Fant family is on board with CenterState.”
First Guaranty Bank and Trust Company banking locations will reopen during their normal business hours beginning on Monday as branches of First Guaranty Bank and Trust Company, a division of CenterState Bank. In addition to normal hours, staff will be available at each office from 9:00AM to noon on Saturday to answer customer questions. First Guaranty Bank and Trust Company depositors will automatically become depositors of CenterState Bank and deposits will continue to be insured by the FDIC up to $250,000 per depositor
Pomar added, “This partnership allows everyone to now play offense and grow our company. We believe Jacksonville needs a bank like ours in today’s economic environment.”
About CenterState Bank
CenterState Bank is approximately $2.5 billion in asset size and is a wholly-owned subsidiary of CenterState Banks, Inc., headquartered in Davenport, Florida, between Orlando and Tampa. With the acquisition of First Guaranty Bank and Trust Company, CenterState Bank will operate 69 offices in 20 Florida counties. Through its subsidiary banks, the Company provides a range of consumer and commercial banking services to individuals, businesses, industries and other financial institutions.