Bay Cities Bank Acquires Progress Bank of Florida, Tampa Florida
For Immediate Release:
October 22, 2010 at 5:00pm Bay Cities Bank was the successful bidder to acquire all the deposits and substantially all of the assets and certain liabilities of Progress Bank of Florida, under a Loss Sharing Agreement with the FDIC. Progress operates two locations in Tampa on Sheldon Rd. and North Dale Mabry Hwy. Both branches will open on Monday as Bay Cities Bank. All depositors and loan customers of Progress Bank will retain uninterrupted services and access to their accounts. Deposits will continue to be insured by the FDIC.
Bay Cities Bank is an independently owned and operated community bank, headquartered in Tampa. Since it’s inception in 1999, the bank has grown to over $500 million in assets, with six convenient locations in the Tampa Bay area.
Gregory Bryant, President & CEO of Bay Cities Bank said, “being awarded the bid to acquire Progress demonstrates the regulators confidence in our ability to manage through a very difficult time in our industry. We are proud of our accomplishments, having established a reputation for service, relationship banking and soundness. Bay Cities is pleased to welcome the customers of Progress Bank, and anxious for the opportunity to prove we are the right bank for them. A word to our new customers, your funds are safe and readily accessible. Our goal is to make this transition as smooth and uneventful as possible”.