First Avenue National Bank to merge with CBC National Bank of Beaufort

Coastal Banking Company Inc., the holding company of CBC National Bank, which operates branches in Fernandina Beach, Fla., Beaufort and Port Royal, announced today that it has signed a definitive agreement to acquire First Avenue National Bank of Ocala, Fla. Upon completion of the merger, Coastal Banking Company expects to merge First Avenue's operations into CBCNB.

First Avenue was founded in 2006 and operates two branches in Ocala and one branch in The Villages, Fla. It will add approximately $125 million in assets, $108 million in deposits and $79 million in gross loans to CBCNB.

The acquisition of First Avenue is Coastal's first expansion into the fast-growing central Florida market and allows Coastal to grow its core community banking franchise while continuing to bolster its two other primary operating divisions, residential mortgage banking and government guaranteed lending.

This story was originally published November 30, 2015 at 11:57 AM with the headline "First Avenue National Bank to merge with CBC National Bank of Beaufort."