North Carolina-based First-Citizens Bank & Trust Co. is acquiring Tampa-headquartered HomeBancorp, which operates HomeBanc. First Citizens Bank will pay $15.03 per share in cash, a Monday release said, and the deal is expected to close by mid-2018.
“This agreement is a significant opportunity to fill in our footprint in Florida,” Frank B. Holding Jr., CEO of First Citizens Bank, said in a Monday release, “and expand into two new markets for us —Tampa and Orlando.”
HomeBanc provides banking and mortgage services. It has 13 branches across Florida, while First Citizens Bank has 15 in the state.
As of the end of September, HomeBancorp had $955 million in assets, $637 million in loans and $699 million in deposits.
“Our customers will benefit from First Citizens’ expanded services and lending capabilities,” Jerry D. Campbell, CEO of HomeBancorp, said in a release. “In addition, First Citizens’ sound financial condition and comprehensive business expertise make it an excellent choice for us.”
All HomeBanc branches will become First Citizens Bank branches once the merger is finished. Customers currently do not need to do anything differently while banking and can continue going to their regular branches.