from staff
FirstAtlantic Bank announced Wednesday that it has agreed to buy CenterBank of Jacksonville and will file an application with the Office of the Comptroller of the Currency.
FirstAtlantic said it will assume all of the deposits and purchase essentially all of the assets of CenterBank, which has served Jacksonville customers since 2001. CenterBank operates at 1325 Hendricks Ave.
“FirstAtlantic Bank is excited about the opportunity to team up with the experienced bankers of CenterBank to further serve the small business and professional segments of our community in addition to increasing our physical presence with a banking facility located in the San Marco community of Jacksonville,” said Mitch Hunt, president and CEO of FirstAtlantic Bank.
“By combining the organizations, FirstAtlantic will double the number of customers we serve and increase our market share, he said.
Hunt said late Wednesday that the acquisition allows FirstAtlantic to combine with a bank that focuses on a similar customer segment.
“The combination of the banks allows us to offer greater convenience through more locations. We will have six offices in total with the CenterBank location on Hendricks Avenue, he said.
“We will also be able to make available to CenterBank customers a wider product mix to include residential mortgage loans and, because of our larger capital base, we will have the capacity to offer larger credit facilities to CenterBank customers,” he said.
“Most importantly for our shareholders, the acquisition allows us to gain the size and scale to meaningfully enhance our profitability,” said Hunt.
He said terms of the transaction are confidential. FirstAtlantic’s headquarters are in the Butler Pointe Building along Salisbury Road.
“This is a great opportunity for CenterBank. FirstAtlantic is a well capitalized organization and by integrating the two banks’ talent and experience, we will increase our opportunity for growth into new markets and enhance our lending capabilities to local businesses,” said Raymond Mason, chair, president and CEO of CenterBank.
Pending regulatory approvals, the acquisition is scheduled to close by the end of the year, when CenterBank customers will be-come customers of FirstAtlantic Bank.
FirstAtlantic is a full service community bank with more than $200 million in assets and five locations in the Jacksonville, St. Augustine and Orange Park markets.
FirstAtlantic focuses on business owners, professionals and consumers.
Its website, www.bankfirstatlantic.com, shows locations at Butler Pointe at Southpoint and at 5665 Normandy Blvd. in Jacksonville; in Cobblestone Village and The Shoppes at Palencia Village in St. Augustine; and at 1440 Kingsley Ave. in Orange Park.