By April 25, 2013 Comments

First Federal Bank of Florida Acquires Chipola Community Bank

MARIANNA, FLORIDA – First Federal Bank of Florida announced the purchase of certain assets and assumption of certain liabilities of Chipola Community Bank, Marianna, Florida. This transaction closed April 19, 2013. The terms of the transaction will be released at a future date.

 

First Federal Bank of Florida acquired all deposits of Chipola Community Bank through a purchase and assumption agreement with the FDIC. As a result of the transaction, First Federal Bank of Florida acquired substantially all of the assets and liabilities, including all insured and uninsured deposit accounts and all loans of Chipola Community Bank. Until notified otherwise, customers should continue to make payments as they have in the past.

 
First Federal has been serving customers since 1962, when it opened as a Savings and Loan in Live Oak, Florida. Today the bank has a well-managed portfolio of business, mortgage and personal deposits, serving over 55,000 customers, and employs over 350 people. First Federal is examined by the Office of the Comptroller of the Currency (OCC) and is ranked as “Well Capitalized.” First Federal enjoys a solid balance sheet, ample liquidity and reserves. First Federal Bank of Florida earned a “5-star, Superior Financial Stability” rating from Bauer Financial, Inc.

 
Keith C. Leibfried, President and CEO of First Federal stated, “We welcome the customers of Chipola Community Bank to the First Federal Bank of Florida family. Recognizing the importance of ensuring a smooth transition, we have deployed FFBF associates to the acquired branch office to assist in the resolution process. We greatly appreciate the hard work and compassion from our current team members and our newest team members from Chipola Community Bank, who are assisting in the acquisition process. Our company has a unique and successful culture with strong focus on people and building relationships. We are proud of our small town, north Florida roots and have worked hard to earn our customers’ and employees’ trust and offer them exceptional financial services and opportunities. We are being deliberate in our acquisition and transition. We will take the time necessary to transition the bank – to put our customers’ interests first, and satisfy their financial needs and help them succeed financially.”

 
Pam Hitt, Senior Executive Vice President and Chief Operating Officer of First Federal said: “The key to a successful integration will be our ability to provide outstanding customer service throughout the acquisition. Former Chipola Community Bank and First Federal Bank of Florida customers should continue banking as they do today – using the same bank accounts, payment coupons, online sign-on, credit cards, ATM and check cards, checks and bank branches. We are committed to keeping customers informed of all significant changes before they happen.”

 
The acquisition of Chipola Community Bank, 4701 Highway 90, will make the third branch in Marianna for First Federal. First Federal acquired The Bank of Bonifay in 2010 and has a branch at 2914 Green Street and is currently building a second location at 4213 Lafayette Street. For more information about the acquisition, customers may call our Customer Care Center toll-free at (877) 209-1626 or the former Chipola Community Bank branch at (850) 526-7144. Additional acquisition information can also be found on First Federal’s website, www.ffsb.com.

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