Republic Security Financial Corporation Acquires First Palm Beach Bancorp in Strategic Expansion

Strategic Insights -

Republic Security Financial Corporation, the parent company of Republic Security Bank, has completed the acquisition of First Palm Beach Bancorp, a parent company of a $1.8 billion thrift, First Bank of Florida. The consolidation, approved by shareholders on October 27, 1998, has solidified Republic's position in Southeast Florida, expanding its franchise into new markets. This strategic move will further enhance Republic's foothold in Palm Beach, Broward, and Dade counties.

Key Takeaways:

  • Republic Security Financial Corporation has acquired First Palm Beach Bancorp, parent company of First Bank of Florida, a $1.8 billion thrift.
  • The acquisition was approved by shareholders on October 27, 1998.
  • First Bank of Florida has total loans of $1.1 billion, total deposits of $1.3 billion, and total equity of $128 million.
  • The merger will expand Republic's franchise into Martin and Lee counties, creating a unique footprint in the Southeast Florida banking market.
  • Republic will maintain its status as the largest, independent community bank headquartered in Florida.
  • The acquisition represents Republic's eighth deal since 1992, with a total of 90 branches across Palm Beach, Broward, Dade, Martin, and Lee counties.
  • The data conversion of First Bank's system is scheduled for April 1999.
  • Republic Security Financial Corporation will issue approximately 21.7 million shares of its common stock for all outstanding shares of FFPB.
  • FFPB shareholders will receive 4.194 shares of RSFC stock for each share of First Bank stock.

Statistics:

  • Total assets of Republic Security Financial Corporation: $3.0 billion
  • Number of full-service banking offices: 90
  • Number of counties served: 5 (Palm Beach, Broward, Dade, Martin, and Lee)
  • Size of the acquired thrift (First Bank of Florida): $1.8 billion
  • Total loans of First Bank of Florida: $1.1 billion
  • Total deposits of First Bank of Florida: $1.3 billion
  • Total equity of First Bank of Florida: $128 million

Sources:

  • Republic Security Financial Corporation press release, October 29, 1998
  • First Palm Beach Bancorp press release, October 27, 1998
  • Standard & Poor's, "Republic Security Bank"-based report (no specific date)