FIG Has Now Completed 88 M&A Transactions Totaling More Than
$3.8 Billion In Transaction Value Since Inception
ATLANTA, August 18, 2017 — National Commerce Corporation (NASDAQ:NCOM) and FirstAtlantic Financial Holdings, Inc. (OTCQX:FFHD) have signed a definitive merger agreement.
FirstAtlantic Bank, a subsidiary of FirstAtlantic Financial Holdings, will become part of National Bank of Commerce, National Commerce Corp.’s banking subsidary headquartered in Birmingham, Alabama.
FirstAtlantic Bank will continue to operate under the same name and will retain its existing management team and headquarters in Jacksonville, Florida. The transaction is expected to result in a combined institution with approximately $3.1 billion in assets.
Under the terms of the agreement, each share of FirstAtlantic common stock will be converted into the right to receive either 0.44 shares of National Commerce Corp.’s common stock or $17.25 in cash, subject to the limitation that 90% of FirstAtlantic’s shares will be exchanged for stock and 10% for cash.
“Our affiliation with National Commerce Corporation will allow us to continue and accelerate our path to become the bank of choice for Jacksonville,” said Mitchell W. Hunt, Jr., President and Chief Executive Officer of FirstAtlantic. “We have a shared commitment to community banking and exceptional customer service. We are honored and excited to become a part of the National Commerce family, and we look forward to continuing to build on our foundation.”
FIG advised FirstAtlantic and the transaction was lead by John Schramm, Principal, and Jerad Comarda, Associate.
More information is available here.
Since 2003, FIG has been the trusted advisor to community banks and investors. Year to date, FIG has advised on 13 M&A transactions totaling more than $625 million in transaction value.
To learn more about FIG Partners, visit www.figpartners.com.