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HomeBancorp shareholders approve merger with First Citizens Bank

HomeBancorp Inc. shareholders voted Tuesday to approve a merger with First-Citizens Bank & Trust Company. Pictured is HomeBancorp CEO Jerry Campbell in 2009. [DANIEL WALLACE   |   Times, 2009]
HomeBancorp Inc. shareholders voted Tuesday to approve a merger with First-Citizens Bank & Trust Company. Pictured is HomeBancorp CEO Jerry Campbell in 2009. [DANIEL WALLACE | Times, 2009]
Published Mar. 27, 2018

TAMPA — Shareholders of Tampa-based HomeBancorp Inc. voted Tuesday to merge with First-Citizens Bank & Trust Co. The North Carolina bank agreed to purchase HomeBancorp in December, paying $15.03 per share. The deal is expected to close April 30.

Privately owned HomeBancorp, the parent of HomeBanc, did not disclose a value for the deal.

"We're very pleased by the vote and to be joining with First Citizens Bank," said HomeBancorp CEO Jerry Campbell in a release. "Our cultures are a good match for one another. Customers will receive access to a broader range of products and services and increased lending capabilities, enabling us to meet more financial needs in our community."

Previous coverage: Tampa's HomeBanc offered $1.4 million loan to top executive who filed bankruptcy>

Campbell was the subject of mild scrutiny in 2017 when bankruptcy filings showed that he applied — and received a commitment letter — for a $1.4 million loan from HomeBanc. The bank ultimately did not go through with the loan, however, and did not provide a reason why.

Campbell had filed for bankruptcy to deal with a $9 million debt, part of which came from a failed $4.8 million loan he took out to buy a Michigan-based race track that was abandoned just a year later.

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HomeBancorp had $677.7 million in deposits, $911.9 million in consolidated assets and $612.6 million in loans as of the end of December.

The holding company operates 13 HomeBanc branches in Florida while First Citizens Bank has 15 branches statewide.

Contact this reporter at mcarollo@tampabay.com or (727) 892-2249. Follow @malenacarollo.