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United Group Banking Company of Florida, Inc. Enters into Definitive Agreement to Join National Commerce Corporation
Birmingham, AL – National Commerce Corporation (“NCC”), the parent company of National Bank of Commerce, headquartered in Birmingham, Alabama, and United Group Banking Company of Florida, Inc. (“United”), headquartered in Orlando, Florida, today jointly announced the signing of a definitive agreement providing for the combination of United and NCC, under which United will merge with and into NCC. Subsequent to the combination of NCC and United, United Legacy Bank will become a part of National Bank of Commerce, but will continue to operate under the “United Legacy Bank” name and its existing management team. The transaction is subject to customary closing conditions, including receipt of regulatory approvals and approval by both companies’ shareholders. The parties expect the closing to occur sometime in the fourth quarter of 2014, resulting in a combined size of approximately $1 billion in assets.
NCC Chairman & CEO, John H. Holcomb, III, spoke about the announcement, saying, “We couldn’t be more pleased to be partnering with the people at United Legacy. Our management teams have known and worked with one another for the better part of fifteen years, and we have great respect for the United Legacy board and management team. We have talked about a potential business partnership several times over the years, so we are excited to be taking this next step in our strategic plan.”
David G. Powers, Chairman, President and CEO of United and United Legacy Bank also spoke about the announcement, saying, “Our partnership with National Commerce Corporation will provide us the opportunity to execute on our business strategy of building a high profile banking franchise, while continuing to seek out other growth opportunities within Central Florida. Most importantly, both United Legacy Bank and National Bank of Commerce share a common vision with a passion for the community bank model. I am excited to be on the ground floor of helping to build a dynamic community banking franchise serving key markets in the Southeast.”