Banking & Financial Services Alert

On May 15, 2014, HCBF Holding Company, Inc., the bank holding company of Harbor Community Bank, based in Indiantown, Florida, entered into an agreement to acquire Highlands Independent Bancshares, Inc. (“HIB”) and its wholly owned subsidiary Highlands Independent Bank, based in Sebring, Florida.

Gunster’s banking and financial services team represented Harbor in negotiating the acquisition.

Highlands Independent Bank currently has assets of approximately $250 million and six branch locations in Lake Placid, Sebring and Avon Park, Florida.

Upon the closing of this transaction, Highlands will be merged into Harbor Community Bank, one of Florida’s more highly capitalized banks.

Including Harbor Community Bank’s acquisition of nine branches in Central Florida from Banco Popular North America, which was announced in late April, the HIB merger should increase Harbor Community Bank’s total assets in excess of $1.1 billion after closing of both transactions. The transaction is subject to shareholder and customary regulatory approvals and is anticipated to close in the fourth quarter of this year.

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This publication is for general information only. It is not legal advice, and legal counsel should be contacted before any action is taken that might be influenced by this publication.

Gunster, Florida’s law firm for business, provides full-service legal counsel to leading organizations and individuals from its 11 offices statewide. Established in 1925, the firm has expanded, diversified and evolved, but always with a singular focus: Florida and its clients’ stake in it. A magnet for business-savvy attorneys who embrace collaboration for the greatest advantage of clients, Gunster’s growth has not been at the expense of personalized service but because of it. The firm serves clients from its offices in Fort Lauderdale, Jacksonville, Miami, Orlando, Palm Beach, Stuart, Tallahassee, Tampa, The Florida Keys, Vero Beach and its headquarters in West Palm Beach. With more than 160 attorneys and 200 committed support staff, Gunster is ranked among the National Law Journal’s list of the 350 largest law firms. More information about its practice areas, offices and insider’s view newsletters is available at www.gunster.com.

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