BEAUFORT, S.C., Feb. 21, 2018 – Coastal Banking Company Inc. (OTCQX:CBCO), the holding company of CBC National Bank, which operates branches in Beaufort and Port Royal, S.C., and in Fernandina Beach, Ocala, and The Villages, Fla., today announced that its shareholders have approved the previously announced merger transaction with First Federal Bancorp Inc. in a vote that took place yesterday.
On Nov. 7, 2017, First Federal Bancorp Inc., the holding company of First Federal Bank of Florida, based in Lake City, Fla., announced a definitive merger agreement to acquire Coastal Banking Company Inc. and CBC National Bank. Upon completion of the merger, First Federal will pay $21.50 per share in cash for each Coastal Banking Company common share and stock option outstanding in a transaction valued at $83.2 million. Pending regulatory approval, the merger is expected to be completed in the second quarter.
“We are gratified and excited to have taken another significant step toward our partnership with First Federal,” said Michael G. Sanchez, chairman and chief executive officer. “The combination of our two organizations, including the vibrant markets we serve, the full array of personal and business financial services and products, and the knowledgeable, personable staff of both companies, will provide our customers with a new level of convenience, service and choice.”
First Federal Bank of Florida is a community bank founded in the heart of North Florida in 1962. Today, First Federal is a $1.5 billion-asset institution offering a full line of personal and business financial solutions, loans, and services from Florida’s Panhandle to the First Coast. First Federal is a mutual savings bank and continues to receive a “5-Star, Superior” financial rating from BauerFinancial Inc. For more information, visit www.ffbf.com.
For More Information Contact:
Michael G. Sanchez Thomas J. Flournoy
Chairman & Chief Executive Officer EVP & Chief Financial Officer
Coastal Banking Company Inc. Coastal Banking Company Inc.