News & Updates

TECH YEAH

First National Bank of Pasco, looking to avoid irrelevancy, has embraced banking technology with an unusual vigor. “Just because something worked 25-30 years ago doesn’t mean it’s going to work 30 years from now,” a new executive says.

 


FOR IMMEDIATE RELEASE

News Provided By: Digital Lightbridge Marketing

Media Relations: Richard W. Hayes, (813) 956-6800 / rhayes@digitallightbridge.com

FIRST NATIONAL BANK OF PASCO NAMES NEW CHIEF ENTERPRISE RISK OFFICER JIM ESRY TO GROW LENDING PORTFOLIOS AND DRIVE INNOVATION
Esry will develop and oversee the Bank’s Marketplace Lending and FinTech partnerships.

DADE CITY, FLORIDA (July 6, 2022) – First National Bank of Pasco (“FNB”)—which entered into a stock purchase agreement with Aiden Florida Bancshares, Inc. in January 2022—welcomes James (Jim) Esry as its new EVP, Chief Enterprise Risk Officer, reporting to the President and CEO, Steven D. Hickman. In addition to broad credit risk management responsibilities, Esry is charged with developing and overseeing the Bank’s risk management procedures for new product innovation. He will work to ensure these portfolios grow in a way that is profitable and sustainable, while also driving innovation.

“Jim Esry’s appointment brings exactly the expertise we need in this moment,” said Steven D. Hickman, President and CEO of FNB and Florida Bancshares. “His integrity and experience will help to keep our risk management framework strong while helping us introduce new products responsibly and profitably. First National Bank of Pasco is poised to continue growing our commercial banking franchise as well as benefit from tremendous fee income opportunities generated from FinTech businesses. The timing is excellent.”

Esry was most recently President and Chief Executive Officer of Lafayette State Bank in Mayo, Florida, where he led that bank to restored health. This required raising capital, revising core values, and drastically reducing problem assets while preserving capital. Additionally, Esry led Pro Bank of Tallahassee, Florida, as Market Executive, where he grew the loan portfolio and reduced problem loans. Previously, as Senior Loan Officer of Farmers Exchange Bank in Eufaula, Alabama, Esry was a top loan producer, reduced problem assets, and managed risk for the enterprise.

“I am privileged to join a world-class team dedicated to trusted, smart, and innovative commercial lending and retail services,” said FNB Chief Enterprise Risk Officer Jim Esry. “I’m looking forward to helping the Bank achieve its goals to expand the reach of its commercial lending and utilize the best in financial technology to provide greater value and agility for our customers.”

FNB is a national banking association organized in 1986 and headquartered in Pasco County, Florida with approximately $276 million in assets. With its principal banking office in Dade City, Florida and four additional Florida branch offices in Zephyrhills (2), Lutz (1), and Tampa (1), FNB provides a powerful suite of competitive, quality products and services that distinguish it as the premier provider of financial services to customers in its market areas.

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For additional information, please contact:
Jody Grenville, First National Bank of Pasco, Corporate Secretary
(352) 521-7251 / jgrenville@fnbpasco.com

 


 

FOR IMMEDIATE RELEASE                                                       

News Provided By: Digital Lightbridge Marketing

Media Relations: Richard W. Hayes, (813) 956-6800 / rhayes@digitallightbridge.com

AIDEN FLORIDA BANCSHARES, INC. TO ACQUIRE MAJORITY OWNERSHIP OF FLORIDA BANCSHARES, INC. AND FIRST NATIONAL BANK OF PASCO

DADE CITY, FLORIDA (January 10, 2022) – Florida Bancshares, Inc. (“Florida Bancshares”), the bank holding company for its wholly-owned subsidiary, First National Bank of Pasco (“FNB”), today announced it has entered into a stock purchase agreement whereby Aiden Florida Bancshares, Inc., a newly-formed Florida corporation, will seek to acquire 65% to 80% of the outstanding shares of Florida Bancshares from its current shareholders for a price equal to 1.9x its adjusted book value per share.

Adjusted book value per share will be based on Florida Bancshares’ shareholders’ equity as of the month-end prior to the closing date of the transaction, to be adjusted for certain expense and income amounts incurred, divided by its fully diluted common shares outstanding. The closing of the transaction is subject to a number of conditions, including the receipt of regulatory approvals. All employees of FNB will be retained as part of the transaction.

“We are pleased and proud to become affiliated with Aiden Florida Bancshares, Inc.,” said Steven D. Hickman, President and CEO of FNB and Florida Bancshares. “Following our transaction, First National Bank of Pasco will be poised to continue growing its commercial banking franchise as well as benefit from tremendous fee income opportunities generated from FinTech businesses.  The principals of Aiden have deep experience and expertise in technology-enabled financial services, and we look forward to deepening our partnership with them.” Following completion of the transaction, Mr. Hickman will remain President and CEO of FNB. “An equally important consideration for our Board is the ability to continue serving our existing customers with the same level of outstanding customer service as we will continue our local banking operations,” said Ander P. Gibbs, Chairman of FNB and Florida Bancshares.

FNB is a national banking association organized in 1986 and headquartered in Pasco County, Florida with approximately $276 million in assets. With its principal banking office in Dade City, Florida and four additional Florida branch offices in Zephyrhills (2), Lutz (1), and Tampa (1), FNB provides a powerful suite of competitive, quality products and services that distinguish it as the premier provider of financial services to customers in its market areas.

 

 

“We are eager and excited to partner with Florida Bancshares, Inc. and to expand the product offerings to its customer base,” said Fadi Cheikha, President of Aiden Florida Bancshares, Inc. “The knowledge and experience our principals bring to this relationship will aid in the growth of First National Bank of Pasco.”

Igler and Pearlman, P.A. served as legal counsel and Hovde Group, LLC served as financial advisor to Florida Bancshares in the transaction. Fenimore Kay Harrison LLP and Zeppos Law Group LLP served as legal counsel to Aiden Florida Bancshares, Inc. in the transaction.

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For additional information, please contact:
Jody Grenville, First National Bank of Pasco, Corporate Secretary
(352) 521-7251 / jgrenville@fnbpasco.com