WINTER PARK, Fla.–(PRNewswire)–The BANKshares, Inc. and BankFIRST (collectively “BankFIRST”) today announced the signing of a definitive agreement and plan of merger to acquire all of the outstanding common stock of The Commercial Bancorp, Inc. The Commercial Bancorp, Inc. is the $90 million-asset bank holding company of East Coast Community Bank (collectively “East Coast”), headquartered in Ormond Beach, Florida.
The definitive agreement provides that the holders of the outstanding common shares of The Commercial Bancorp, Inc. will be paid in a combination of cash, stock and a contingent cash payment based upon the performance of East Coast’s loan portfolio following the merger. Rafael Ramirez the President and CEO of East Coast Community Bank will become President, Volusia County for BankFIRST with responsibilities to expand the bank’s Volusia County footprint. Kevin Bowler, Director of East Coast Community Bank and President of Daytona Beverages will join the BankFIRST Board of Directors. The merger is subject to customary conditions, including the approval of the shareholders of The Commercial Bancorp, Inc. and bank regulatory agencies. Upon receipt of the approvals, the transaction is expected to close in the second quarter of 2011. Simultaneously with the completion of this acquisition, East Coast Community Bank will be merged with and into BankFIRST, a Winter Park-based wholly owned subsidiary of The BANKshares, Inc.
BankFIRST’s President and CEO, Donald J. McGowan commented, “We are eager to expand our franchise into the Volusia County marketplace. The acquisition of East Coast Community Bank provides us with a new presence in this market. The addition of approximately $81 million in deposits and two branch locations in Ormond Beach and Port Orange further enhance our greater Central Florida footprint.”