JUPITER, Fla.--(BUSINESS WIRE)--BankFlorida announced today that it will sell a controlling stake to well-known bank investor Kenneth Lehman. Lehman has applied to purchase up to 100% of the outstanding shares of BankFlorida from its current shareholders for $10.00 per share. The closing of the transaction is subject to a number of conditions, including the receipt of regulatory approvals.
Since 2003, Lehman has acquired controlling interests in 18 community banks and his successes and track record are well known within the industry.
“We are truly excited about partnering with Ken Lehman and believe this is a significant opportunity for our shareholders and the bank,” said David Worley, BankFlorida’s Chairman.
BankFlorida was established in 2007 and operates one branch in Jupiter Florida. As of September 30, 2019, the bank had $90.9 million in assets, $69.4 million in loans and $74.8 million in deposits.
Smith MacKinnon, P.A. served as legal advisor to BankFlorida and Hovde Group, LLC acted as financial advisor to BankFlorida. RP Financial, LC served as financial advisor to Kenneth Lehman.