Sunshine Bancorp announced that on October 13, 2016 the Federal Reserve Bank of Washington D.C. approved the merger with FBC Bancorp. The company has now received all necessary regulatory approvals and expects to close the transaction on or around October 31, 2016, with a system conversion scheduled for the weekend of December 3, 2016. The company announced plans to acquire FBC in an all stock deal on May 10, 2016.
Sunshine Bancorp announced that the Office of the Comptroller of the Currency approved the merger of Orlando, Florida based Florida Bank of Commerce with and into Sunshine Bank. Regulatory approvals for the merger from the Federal Reserve Bank are pending, and the companies anticipate a closing sometime around the middle of Q4 subject to customary closing conditions
Sunshine Bancorp and FBC Bancorp announced the approval of the proposal to adopt and approve the Merger Agreement of the companies at their Special Meetings of Shareholders. The Sunshine Board of Directors has resolved to increase the size of the Board to fifteen directors, appointing Malcolm Kirschenbaum, Sal A. Nunziata, John Reich, James Swann and Dana Kilborne to serve as new directors of the combined company effective upon the consummation of the merger. Each of these five individuals has previously served as a director of FBC. Sunshine accepted the resignations of current board members J. Floyd Hall, James Coleman Davis and Winfred Harrell. These resignations are contingent upon and effective as of the consummation of the merger. Regulatory approvals for the merger are still pending, and the companies anticipate a closing sometime around the middle of Q4.
Sunshine Bancorp and FBC Bancorp jointly announced the signing of a definitive agreement pursuant to which Sunshine will acquire FBC in an all-stock merger transaction valued at approximately $40M. The strategic partnership will create a franchise with approximately $800M in assets and 18 banking facilities across central Florida, stretching from the East to West Coast. The transaction, unanimously approved by the board of directors from both companies, expands Sunshine Bank into contiguous markets and along the growing I-4 corridor. The merger will create one of the largest community banks headquartered in central Florida. Additionally, the transaction will add approximately $302M in assets, $223M in loans and $265M in deposits to Sunshine Bank. Under the terms of the merger agreement, shareholders of FBC will receive 0.88 shares of Sunshine common stock for each share of FBC common stock. Current FBC President and CEO, Dana Kilborne, will join the Sunshine executive team. Additionally, five current boards member from FBC's board will join the Sunshine board with an anticipated resulting board of 15 members. Upon completion of the FBC merger, on a pro forma basis, Sunshine will continue to maintain capital ratios in excess of the "well capitalized" levels. It is anticipated that the transaction will close in the third or fourth quarter of 2016 pending regulatory approvals, approval from the shareholders of both companies and other customary closing conditions. Sunshine management currently expects to realize anticipated cost savings of 30% through the reduction of administrative and operational redundancies. Additionally, Sunshine currently expects that the transaction will be immediately and significantly accretive to earnings per share.