4830 Acquisition Company, formed by the Gries Investment Funds, has received the US Federal Reserve approval for its proposed acquisition of Southern Commerce Bank in Tampa.
In December 2012, the fund agreed to purchase the lender from its holding company Dickinson Financial Corporation of Kansas City, in a deal valued at nearly $15.1m.
Expected to further boost Gries Investment presence in the banking arena, the acquisition of Southern Commerce will conclude during the second quarter of 2013.
With $81m assets under management, Southern Commerce currently manages 11 offices including four full service branches in greater Tampa Bay and seven in-store branches statewide.
Following completion of the transaction, existing chief executive of 4830 Acquisition Company Anthony Leo will become the CEO of the acquired bank, while Gries Investment Funds principal Robert Gries will assume the role of chairman.
In a statement, Gries by quoted by American Banker as saying, "Our business plan focuses on expanding the bank’s existing sources of fee income and providing new fee-based services."
"This approach offers our customers a wider range of services than typically provided by other community banks."
Hovde Financial started this transaction and also acted as the exclusive financial advisor to Southern Commerce Bank.