Sunday, January 21, 2018
Business

As First Bank pulls out of Pinellas County, HomeBanc enters

The St. Louis-based parent of First Bank is pulling out of the Tampa Bay area, selling its eight branches in Pinellas County to Tampa-based HomeBanc.

Terms were not disclosed.

The deal doubles the footprint of HomeBanc, marking its entry into Pinellas and adding $130 million in deposits. In addition to its eight current branches, HomeBanc has loan-production offices in Tampa, Belleair Bluffs, Lake Mary, Brandon and Gainesville.

First Banks Inc., the parent of First Bank with $6.5 billion in assets and 146 branches, established a foothold in Tampa Bay in 2007 with the acquisition of troubled Coast Bank of Bradenton. The deal, however, saddled it with numerous problem loans.

First Banks had a deal with another financial institution to sell 19 branches throughout the bay area but terminated the agreement in April.

In addition to the Pinellas sale, First Banks is closing its two branches in Hillsborough County and a lone branch in Pasco County. It will be left with $160 million in regional deposits in eight branches in Bradenton, Palmetto and Longboat Key.

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