First National Bank of the Gulf Coast, Panther Community Bank set to merge

TICE First National Bank of the Gulf Coast, a new bank in organization in Naples, and Panther Community Bank, N.A, an independent bank serving Lehigh Acres, have signed an agreement under which FNB of the Gulf Coast will merge with and into PCB under its national bank charter.

The resulting bank will be named First National Bank of the Gulf Coast, with headquarters in Naples.

The transaction requires approval of the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation as well the approval of shareholders of both banks. Completion of th merger is anticipated by the end of June.

"This is a unique opportunity to merge with an organization that shares a similar culture," said Gary Tice, chairman and CEO of FNB of the Gulf Coast. The merger, he added, "will enable us to begin the business of banking with two full-service locations in Collier County and an office in Lehigh Acres."

Michael Kerschner, chairman of PCB, nk, N.A., added, "We are excited about the combined bank's prospects and look forward to serving the community in a long-term capacity."

Founded in 2007, PCB has total assets of approximately $48 million and an office at 50 Joel Blvd. in Lehigh Acres. The bank provides retail and commercial banking services with a special emphasis on the loan and deposit needs of individuals and small- to mid-sized businesses in the community.

Organizers of FNB of the Gulf Coast received preliminary regulatory approvals and conducted a public offering of common stock to raise money to capitalize and open the bank. As economic conditions worsened, the bank experienced delays in its FDIC application process and began to pursue several strategic alternatives.

It is anticipated that, upon consummation of the merger, the combined bank will have approximately 65 employees led by a management team consisting of Mr. Tice as chairman and CEO; Garrett Richter, president; C.C. Coghill, senior executive vice president and chief credit officer; and Robert Reichert, senior executive vice president and chief administrative officer. Members of the PCB executive team, including President and CEO Karen R. Makowski, Chief Financial Officer Philip Nemni, and Chief Credit Officer Brenda Dolan, will continue in key roles with the bank.

The combined bank's main banking office will be at 3560 Kraft Road in Naples with a full-service branch location scheduled to open at 811 Anchor Rode Drive in Naples. A third full-service branch will be at PCB's current Lehigh Acres office.

Because of the nature of the changes in the bank's business plan, subscribers of FNB of the Gulf Coast will receive a new prospectus with an opportunity to continue their subscription and remain investors in the organization. The offering will continue to provide each shareholder with warrants to purchase future shares at today's price of $10 per share. The offering will also be open to new investors.