National Commerce to merge with Premier Community Bank of Florida
National Commerce Corporation and Premier Community Bank of Florida jointly announced the signing of a definitive agreement providing for the merger of Premier with and into NBC. Subsequent to the merger, the current offices of Premier will continue to operate as "Premier Community Bank of Florida, a division of National Bank of Commerce" under Premier's existing management team. The transaction is expected to result in a combined institution with approximately $3.4 billion in assets. Under the terms of the definitive agreement, each share of common stock of Premier issued and outstanding immediately prior to the effective time of the merger will be converted into the right to receive 0.4218 shares of NCC common stock and $0.93 in cash. Each outstanding option to purchase shares of Premier common stock will be assumed by NCC and become an option to purchase shares of NCC common stock, with the exercise price and number of shares underlying the option adjusted according to a conversion ratio of 0.4440. NCC expects the transaction to result in minimal tangible book value per share dilution, with an expected earn-back period of less than one year.