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.