TRINITY — Trinity-based Patriot Bank has signed an agreement to merge with Alabama-based National Bank of Commerce in a $31.3 million deal that creates a financial institution with $2.6 billion in assets, the companies announced Tuesday.
NBC's parent company is the National Commerce Corp.
"We believe that our cultures are well-suited for one another, and that we will be able to better serve customers in the Tampa market as part of a larger community banking organization," said David B. Key, president and CEO of Patriot Bank.
Under the terms of the merger, each share of Patriot common stock issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive 0.1711 shares of NCC common stock and $0.725 in cash, without interest, the companies said.
The boards of directors of all three institutions have approved the transaction. "The transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by Patriot Bank's shareholders," a news release said.
Raymond James & Associates, Inc. served as financial adviser to Patriot Bank.
Patriot has 28 employees and operates four branches in Trinity, New Port Richey, Palm Harbor and Clearwater.