FirstAtlantic Financial Holdings, Inc., the parent company of FirstAtlantic Bank, and National Commerce Corporation (NCC), the parent company of National Bank of Commerce (NBC), jointly announced their merger on Aug. 16.
FirstAtlantic Bank will become a part of National Bank of Commerce (NBC), but will continue to operate under the FirstAtlantic Bank trade name and its existing management team. The transaction is expected to result in a combined institution with approximately $3.1 billion in assets.
“We are excited to partner with Mitch Hunt and his team at FirstAtlantic, and we look forward to the opportunity to work together to build a great company,” said Richard Murray, IV, president and chief executive officer of NCC. “The FirstAtlantic franchise is a great fit for us, and we are optimistic about the potential for the Jacksonville market.”
Mitchell W. Hunt, Jr., president and chief executive officer of FirstAtlantic, also commented on the announcement.
“Our affiliation with NCC will allow us to continue and accelerate our path to become the bank of choice for Jacksonville," he said. "We share with NCC and NBC a commitment to community banking and exceptional customer service. We are honored and excited to become a part of the NCC family, and we look forward to continuing to build on our foundation.”
Under the terms of the agreement, each share of common stock of FirstAtlantic issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive either 0.44 shares of NCC common stock or $17.25 in cash. However, the total amount of cash payable in the merger will be equal to $11,148,555, subject to NCC’s right to increase the cash component of the merger consideration up to $14,857,305 if cash elections from FirstAtlantic shareholders exceed the initial cash amount.
The boards of directors of NCC, NBC, FirstAtlantic and FirstAtlantic Bank have approved the transaction, which is subject to customary closing conditions, including receipt of regulatory approvals and approval by FirstAtlantic’s shareholders.
National Commerce Corporation (Nasdaq: NCOM) is a financial holding company headquartered in Birmingham, Alabama. FirstAtlantic Financial Holdings, Inc. is the holding company for FirstAltantic Bank, a full-service community bank headquartered in Jacksonville.
