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Florida Shores Bancorp To Acquire Controlling Interest In Shamrock Bank of Florida

Donald York, president of Shamrock Bank, will join Florida Shores-Gulfcoast as vice chairman of its board

Florida Shores Bancorp has signed an agreement to acquire controlling interest in Shamrock Bank of Florida, to grow its Florida market presence. Reportedly, Donald York, president of Shamrock Bank, will join Florida Shores-Gulfcoast as vice chairman of its board. Paul Roney will continue to serve as chairman of the board, Susanne Bartlett as chief financial officer and Robert Carney as senior vice president. Robert Vice will continue as president of Florida Shores Bank, Fort Myers.

Florida Shores has said that Shamrock Bank has two locations and brings $70 million in assets to Florida Shores, a bank holding company that operates full-service commercial banks under the names of Florida Shores-Southwest and Florida Shores-Southeast.

Ben Smith, founder and chairman, Florida Shores Bancorp, said: “Our goal is to be the best community bank in Florida – bar none. We view Naples and Fort Myers as key to our success and so are pleased to find such a strong partner as Shamrock Bank to introduce us to this important market.”

“Under the leadership of Don York and Colleen Kvetko, who will serve as president, CEO and founding director of Florida Shores, we will become a major community banking resource for southwest Florida businesses with expanded banking products, services and greater access to financial solutions for local companies,” he added.

Mr. York said: “This consolidation brings together two solid community banks and an impressive management team of longtime Southwest Florida banking professionals. We have a shared business philosophy to build a strong community bank by helping our clients succeed in achieving their personal and business financial goals. We believe that this decision will benefit all of our stakeholders.”

However, the transaction is subject to regulatory and shareholder approval and is expected to close in the first quarter of 2010. Terms of the transaction were not disclosed.