Prior to its merger with and into First Bank, Coast operated 20 banking offices in Florida’s Manatee, Pinellas, Hillsborough and Pasco counties. Coast also had two planned de novo branch offices, one located in the Pinellas County community of Clearwater, and the other located in Sarasota.
Terrance McCarthy, president and CEO of First Banks, said: We have been focused on expanding into the Florida market for some time and this transaction presented us with a unique opportunity to do so. The employees of Coast have done an excellent job of building an attractive deposit franchise from which First Bank can build upon and expand in the future.
While we will initially focus on addressing the asset quality issues in the acquired loan portfolio and certain other matters, we are very excited about our long-term growth potential in the state of Florida. Our 100-year history, strong financial foundation and the breadth of products and services that First Bank brings with it will allow our new employees to provide many exciting alternatives to our customers and assist them in achieving their financial needs.
