Bradenton bank with $260M in assets sold

BRADENTON — The parent company of Indiantown-based Harbor Community Bank, with a large presence on the east coast of Florida, has acquired First America Bank, a Bradenton-based lender with $260 million in assets.

Financial terms of the deal, announced Oct. 16, weren't disclosed. First America, founded in 2004, is the fourth-largest bank in the Bradenton-Sarasota market in deposits through June, according to a release. It has five branches and a loan production office in Lee County. The transaction, pending regulatory approval, is expected to close in the second quarter of 2016. First America Chairman and CEO Dan Hager will now be Florida west coast market president for Harbor Community.

“Harbor is pleased with the opportunity to have Dan Hager join us as the market president for the west coast banking team to expand the Harbor Community Bank footprint into this dynamic market,” Harbor Chairman and CEO Mike Brown says in the statement. “We are certain that the commitment to community and customers by First America Bank will be enhanced by Harbor with the continued support of the current First America Branch personnel and lending team during this time prior to closing and after the transition.”

Harbor Community Bank, now under HCBF Holding Company Inc., was founded in 1960, when it was First Bank of Indiantown in Martin County. After the First America deal closes, Harbor Community will have nearly $1.4 billion in assets and 37 offices in 14 Florida counties, the release states.