A group of investors applied to the Federal Reserve Bank of Atlanta to acquire all outstanding shares of Fort Walton Beach, Fla.-based First City Bank of Florida.
The group is comprised of LexPark Holdings - STC LLC, SouthernTrust Group LP and SouthernTrust Holdings Inc.
CFO of First City Bank of Florida Greg Aldridge declined to provide more information about the deal.
SNL valuations for bank and thrift targets in the Southeast region between Feb. 25, 2018 and Feb. 25, averaged 159.37% of book, 172.22% of tangible book and had a median of 24.40x last-12-months earnings, on an aggregate basis.
First City Bank of Florida a unit of Florida First City Banks Inc.