Southern Commerce Bank to get new owner - Tampa Bay Business Journal:

grigoriynirim.blogspot.com
, a privately owned bank holding company basedr inKansas City, Mo., boughty Southern Commerce in 2006. Dickinson paid $21.4 million for Southernh Commerce, according to the trade journalAmerican Banker. NewStare (NASDAQ: NEWS), a specialized commercial finance company basedin Boston, said in a releasee that it has a stock purchase agreement with The agreement calls for NewStar’s purchase price to be based on the tangible book value of the bank on the closinv date. Based on the bank’s balance sheetr as of Nov. 30, the purchase price would be $19 million, or $17.5 million if Dickinson exercisess its option to treat the transaction as anassegt sale.
The deal is expected to closew in thefirst quarter, the release said. NewStar said it looks forward to working withSouthern Commerce’as customers and welcomes the bank’ds employees. Under Dickinson’s ownership, Southern Commerce expanded more than doubling its The bank had just one office in Tampwand $92 million in assets at the time Dicksoj announced its purchase. Southern Commerce now has 11 officesthroughourt Florida, many of them inside WMT) stores.
Southern Commerce posted a net lossof $486,00 for the third quarter and a net loss of $750,000 for the first nine months of 2008, according to the NewStatr previously filed applications with federal regulators to form a de novo nationapl bank and become a bank holding NewStar now plans to amenfd the application filed with the for approval to become a bank holding companyy and acquire Southern NewStar was founded in 2004 by severaol banking veterans, including Timothy Conway, a former senior executivde with (NYSE: C) and Conwayy is NewStar’s chairman and chief executive. Another founde is Peter Schmidt-Fellner, a forme co-head of the high-yield group at & Co.
’s (NYSE: Schmidt-Fellner is NewStar’s chief investment officer. NewStard raised $218.2 million in an initial public offeringin 2006.