Homestead, Florida, January 6, 2006 –
William H. Losner, Chairman and President
of First of Homestead, Inc., the parent
holding company of 1st National Bank of
South Florida announced that the Board of
Directors has signed a Definitive Agreement
pursuant to which First of Homestead, Inc.
will merge with Hometown of Homestead, Inc.,
a newly formed, private, holding company.
It is anticipated that this transaction
will be completed during the second quarter
of 2006. Completion of the merger is subject
to customary conditions, including the approval
of First of Homestead’s shareholders
and the receipt of the requisite regulatory
approvals. The investment banking firm of
Sandler O’Neill & Partners, L.P.
represented First of Homestead, Inc. in
the transaction.
Mr. Losner said, “This transaction
marks another positive step forward in the
74-year history of 1st National Bank of
South Florida. 1st National Bank of South
Florida will continue to operate as a hometown
Bank, with the same name, the same directors,
the same officers, the same employees, and
the same commitment to personalized service
and local involvement that has been our
tradition since 1932. I will continue as
Chairman of the Board and President of the
Bank. Hometown of Homestead brings a new
energy and strength to our organization
that will permit us to more rapidly implement
our plan to grow in total size and expand
our number of service locations throughout
South Florida.”
Hometown of Homestead is led by Vernon Smith.
Mr. Smith is well-known as a very successful,
experienced Florida banker who is the leading
principal in four, other, separate, independent
banks: Riverside National Bank in Ft. Pierce;
Riverside Bank of Central Florida, Riverside
Bank of the Gulf Coast, and Prosperity Bank
in St. Augustine. Mr. Smith said, “We
see great opportunities for growth in the
Homestead, Miami-Dade area, while assuring
even greater service reliability and the
excellence that 1st National’s communities
and customers have come to expect.”
1st National Bank of South Florida, with
$250,000,000 in assets, is one of the oldest
and largest independent community banks
remaining in South Florida. It was established
in 1932 by Max Losner, the current Chairman’s
grandfather, who was succeeded by Paul Losner,
the current Chairman’s father. It
is a nationally chartered banking association
with six offices in Miami-Dade County long
known as a productive, corporate citizen
committed to participation in and improvement
of the quality of life in the communities
it serves.
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