Acquisition Activity

3 Months Ended

Mar. 31, 2012

Acquisition Activity [Abstract]

Acquisition Activity

NOTE 4 – ACQUISITION ACTIVITY

Acquisition of Florida Gulf Bancorp, Inc.

On March 19, 2012, the Company announced the signing of a definitive agreement to acquire Florida Gulf Bancorp, Inc. ("Florida Gulf"), the holding company of Florida Gulf Bank, headquartered in Fort Myers, Florida with 8 branches in the Fort Myers-Cape Coral, FL market. Based on available information, at March 31, 2012, Florida Gulf had total assets of $376 million, including total loans of $257 million, and total deposits of $303 million.

Under terms of the agreement, shareholders of Florida Gulf will receive $23.00 in the Company's common stock for each share of Florida Gulf stock outstanding, subject to certain adjustments. In addition, the agreement provides for potential additional cash consideration based on the resolution of certain identified loans over a three-year period after the acquisition. The maximum contingent consideration is $4.4 million. Florida Gulf also has $4.1 million in preferred stock that will be redeemed at the consummation of the acquisition. The agreement has been approved by the Board of Directors of each company and is expected to close in the third quarter of 2012. Completion of the transaction is subject to customary closing conditions, including the receipt of required regulatory approvals and the approval of Florida Gulf's shareholders.

An estimate of the impact of the acquisition on the Company's subsequent consolidated financial statements cannot be made at this time.