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.
Full Release:
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.
904-321-0400 904-321-2917
