Bank merger earns conditional approval

First National Bank of the Gulf Coast (in organization), a proposed new bank in Naples, and Panther Community Bank, N.A, an independent community bank serving Lehigh Acres, announced that they have received conditional approval from the Office of the Comptroller of the Currency regarding their proposed merger, subject to certain conditions and final approval from the shareholders of both banks.

"We are very pleased to have received this conditional approval from the OCC, which is a result of the hard work and dedication of our entire organizational team," said Gary L. Tice, chairman and chief executive officer of First National Bank of the Gulf Coast (in organization). "It has been a long, arduous road, but we anticipate receiving our final regulatory and shareholder approvals soon and expect to open the bank in late October."

"We look forward to completing our merger with First National Bank of the Gulf Coast," said Michael J. Kerschner, chairman of Panther Community Bank, N.A. "Combining our two organizations will create a strongly capitalized, locally based financial institution that is better able to serve the unique needs of customers in Collier and Lee counties."

Shareholders of Panther Community Bank will vote on the proposed merger at a meeting set for Oct. 11 at the Legends Golf and Country Club in Fort Myers. Shareholders of First National Bank of the Gulf Coast (in organization) will vote on the merger at a meeting on Oct. 13 at The Naples Beach Hotel and Golf Club.

The new bank has also received preliminary approval from the Federal Deposit Insurance Corp. for deposit insurance in connection with the proposed merger with Panther Community Bank, N.A. The resulting bank will be named First National Bank of the Gulf Coast and will be headquartered in Naples.

First National Bank of the Gulf Coast (in organization) recently completed its initial public offering of stock, raising $32 million, which is $3.5 million more than the bank's minimum requirement.

"Our stock offering generated a tremendous amount of investor interest," said Mr. Tice. "We are gratified by the response, particularly in light of the number of local banks that are in the process of raising capital."

It is anticipated that, upon consummation of the merger, the combined bank will have approximately 65 employees. The management team will be led by Mr. Tice, chairman and CEO; Garrett S. Richter, president; C.C. Coghill, senior executive vice president and chief credit officer; and Robert T. Reichert, senior executive vice president and chief administrative officer. Members of the Panther Community Bank, N.A., executive team, including President and CEO Karen R. Makowski, CFO Philip Nemni and CCO Brenda Dolan, will also continue in key roles with the bank.

Following the merger, the bank's main office and headquarters will be located at 3560 Kraft Road, just off Pine Ridge Road in North Naples, with a second full-service office at 811 Anchor Rode Drive in Naples. The current main office of Panther Community Bank, located at 50 Joel Blvd. in Lehigh Acres, will be maintained as a full-service office.

For additional information, contact First National Bank of the Gulf Coast at 348-8000 or visit www.fnbofgc.com.