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Subsequent Events
12 Months Ended
Dec. 31, 2014
Subsequent Events [Abstract]  
Subsequent Events

NOTE 27 – SUBSEQUENT EVENTS

On January 28, 2015, the Company entered into a Stock Purchase Agreement (the “Purchase Agreement”) with Merchants & Southern Banks of Florida, Incorporated, a Florida corporation (“Merchants”), and Dennis R. O’Neil, the sole shareholder of Merchants. Merchants and Southern Bank is a wholly owned banking subsidiary of Merchants that has a total of thirteen banking locations in Alachua, Marion and Clay Counties, Florida. Pursuant to the terms of the Purchase Agreement, the Company will purchase all of the issued and outstanding shares of common stock of Merchants for a total purchase price of $50,000,000. As of December 31, 2014, Merchants reported assets of $473 million, gross loans of $214 million and deposits of $336 million. The purchase price will be allocated among the assets of Merchants acquired as appropriate, with the remaining balance being reported as goodwill. Consummation of the acquisition is subject to customary conditions, including the receipt of required regulatory approvals. The transaction is expected to close during the second quarter of 2015.

On January 28, 2015, the Bank, entered into a Purchase and Assumption Agreement (the “P&A Agreement”) with Bank of America, National Association pursuant to which the Bank has agreed to purchase, subject to the terms and conditions set forth in the P&A Agreement, eighteen branches of Bank of America, National Association located in Calhoun, Columbia, Dixie, Hamilton, Suwanee and Walton Counties, Florida and Ben Hill, Colquitt, Dougherty, Laurens, Liberty, Thomas, Tift and Ware Counties, Georgia. The Bank will assume an estimated $812 million of deposits at a deposit premium of 3.00 percent based on deposit balances near the time the transaction closes. The Bank will also acquire an immaterial amount of loans as part of the transaction. Consummation of the acquisition is subject to customary conditions, including the receipt of required regulatory approvals. The transaction is expected to close during the second quarter of 2015.

On January 29, 2015, the Company completed a private placement of 5,320,000 shares of the Company’s common stock at a price of $22.50 per share. The Company received net proceeds from the issuance of approximately $114.5 million (after deducting placement agent commissions and the Company’s estimated expenses). The Company intends to use the net proceeds to fund the acquisitions discussed above, as well as for general corporate purposes.