St Augustine’s last locally owned bank has been acquired by Harbor Community Bank and is expected to merge into its parent company, HCBF Holdings Company Inc., according to the bank’s president, Jeff Bell.
The sale and merger is subject to customary conditions including the approval of the shareholders of Bank of St Augustine’s parent company, BSA Financial Services, Inc., and federal bank regulators.
“After the merger, the two banks will have assets of approximately $600 million and 17 branch locations,” the bank announced earlier today. “Harbor Community Bank and Bank of St Augustine currently have deposits in excess of $260 million in the Northeast Florida market.”
Terms of the sale were not disclosed; however, Bell will remain with the bank as president of the Harbor Community Bank’s Northeast Florida Region. His responsibilities will be to manage and expand the bank’s footprint.
Bell told reporters that the merger is expected to be completed in the third quarter.
The Bank of St Augustine was founded in 1997 in order to create a locally owned community bank that could provide a full range of banking services to the residents and businesses of the city. Personal service and local decision making were the foundation for the Bank’s business philosophy. The Board of Directors is comprised of long-time St Augustine residents who understand the business needs of the local community.
The main office for Bank of St Augustine is located at 120 SR-312 West; with branches located at 81 King Street, 900 SR-16, and 1975 A1A South in St Augustine.