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Coastal Banking completes acquisition of First Avenue National Bank

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Coastal Banking completes acquisition of First Avenue National Bank

Beaufort, S.C.-based CoastalBanking Co. Inc. completed the acquisition of Ocala, Fla.-based First Avenue National Bank, according to a news release datedApril 11 that was recently obtained by S&P Global Market Intelligence.

First Avenue's two branches in Ocala and one branch in The Villages,Fla., will open April 11 as branches of Fernandina Beach, Fla.-based . Grand openingevents will be held at both Ocala locations April 11, while the grand opening forThe Villages branch will be held April 12.

The acquisitionadds approximately $112 million in assets, $98 million in deposits and $81 millionin gross loans to CBC National Bank.

First Avenue senior executives Adam Woods, Jason Welborn andPatrick Moses joined CBC National Bank. Woods is the bank's new market executivefor Marion and Sumter counties, according to the news release.