Hillsboro Bank Enters Merger Agreement with The Bank of Tampa
March 18, 2021
The Bank of Tampa and Hillsboro Bank today announced the two companies have signed a definitive agreement to merge Hillsboro Bank into The Bank of Tampa and its holding company, The Tampa Bay Banking Company. The proposed merger has been approved by the board of directors of both institutions and remains subject to customary closing conditions, including Hillsboro Bank shareholder and regulatory approvals. The transaction is expected to close later this year.
“Our merger with Hillsboro Bank fits nicely into our long-term plan to develop a presence in the attractive Plant City market,” said Bill West, CEO of The Bank of Tampa. “We planned to open a banking office in Plant City before we met Mike Ward and Gary Boothe and began talking about merging our two banks. We were attracted to this opportunity in large part because of the strong culture and community focus of Hillsboro Bank. The Bank of Tampa and Hillsboro Bank are similar in many ways and we believe we will be stronger together.”
“When we established Hillsboro Bank in 1998, we did so with our community in mind,” said Mike Ward, president and CEO of Hillsboro Bank. “We are pleased to be partnering with The Bank of Tampa to continue our vision for community-minded banking. The Bank of Tampa has been leading with a similar philosophy for nearly 37 years, right here in our community, and we believe our clients will enjoy the network and impressive products and services The Bank of Tampa has to offer.”
Following the close of the transaction, Ward will remain with The Bank of Tampa as its Plant City market president and will serve on the bank’s executive committee.
Piper Sandler & Co. served as financial advisor and Smith MacKinnon, P.A. served as legal counsel to The Bank of Tampa. Hovde Group, LLC served as financial advisor and Shutts & Bowen, LLP served as legal counsel to Hillsboro Bank.
About The Bank of Tampa
The Bank of Tampa is one of the largest community banks in the Tampa Bay area. It has been privately held by its employees, directors and clients since the bank’s inception in 1984. It has offices in Hillsborough, Pinellas and Sarasota counties and a loan production office in Plant City and Pasco County. The Bank of Tampa’s assets total more than $2.6 billion, with outstanding loans greater than $1.5 billion. Its wealth management practice has more than $1 billion total assets under care. To learn more, visit www.thebankoftampa.com, or follow us on Facebook, Instagram, LinkedIn and Twitter.
About Hillsboro Bank
Headquartered in Plant City, Florida, Hillsboro Bank has assets of more than $190 million, with outstanding loans greater than $80 million. It has additional offices in Valrico and Dade City. To learn more, visit www.hillsborobank.com.
Kaley E. Infield, APR