Bank Sells To Company With California Ties | Business Observer
PASCO COUNTY – A company related to a payment processor in California has entered into an agreement to purchase a controlling stake in Florida Bancshares Inc. and First National Bank of Pasco.
The company is called Aiden Florida Bancshares. According to a file with the Florida Division of Corporations, his address in Rancho Santa Margarita, Calif., Matches that of the payment processor US Alliance Group. A press release announcing the sale quotes Fadi Cheikha and names him as president of Aiden. Cheikha is the founder and CEO of US Alliance Group.
A company spokesperson did not immediately respond to an email asking why the USAG, as it is known, was interested in Florida Bancshares and First National Bank or its plans in Florida.
Sheikha, in the press release, said Aiden is “eager and excited” to partner with Florida Bancshares and “to expand product offerings to its customer base.”
“The knowledge and experience that our directors bring to this relationship will help the growth of First National Bank of Pasco. “
First National Bank is a subsidiary of Florida Bancshares. According to the statement, Aiden is purchasing 65% to 85% of the outstanding shares of Florida Bancshares for a price equal to 1.9 times its adjusted book value per share. This value will be based on “shareholders’ equity at the end of the month preceding the closing date of the transaction, to be adjusted for certain amounts of expenses and income incurred, divided by its fully diluted ordinary shares in circulation”.
The shutdown is subject to regulatory approvals and all employees will stay, the statement said.
The First National Bank has total assets of $ 275 million according to the Federal Deposit Insurance Corp. The bank employs 49 people and has five branches.
Steven D. Hickman, president and chief executive officer of First National Bank and Florida Bancshares, said in the statement, once the sale is completed, that the bank “will be ready to continue to develop its commercial banking franchise and benefit from huge commission income opportunities generated by (financial technology) companies.
Hickman will remain on a President and CEO.