PRESS RELEASE
TODAY"S DATE: January 4, 2001
RELEASE DATE: Immediate
(Nasdaq: PNTE)
POINTE FINANCIAL CORPORATION
ANNOUNCES DEFINITIVE AGREEMENT TO ACQUIRE
MIAMI-DADE COUNTY BRANCHES FROM REPUBLIC BANCSHARES, INC.
BOCA RATON, FLORIDA - January 4, 2001 - Pointe Financial Corporation, (Nasdaq:
PNTE), the Holding Company for Pointe Bank, announced today that it has entered
into a definitive agreement with Republic Bancshares, Inc., headquartered in St.
Petersburg, Florida, to acquire their banking offices located in Miami-Dade
County. The branch offices have a combined deposit base of approximately $57.2
million. In addition, Pointe Bank will acquire approximately $6.5 million of
Consumer Loans related to the Miami-Dade offices and acquire approximately $25.0
million of Commercial Real Estate Loans originated by Republic. The acquisition
is expected to close in the first half of 2001 pending regulatory approvals and
satisfaction of other customary closing conditions.
"With this acquisition, we continue the process of expanding our reach deeper
into the fast growth markets of Miami-Dade County," noted R. Carl Palmer, Jr.,
Chief Executive Officer of Pointe Financial Corp. "This purchase will add four
new full-service branches and will increase our deposit base by 35.0%. The
branches are complementary to the Company's strategic branch network goals. This
acquisition also allows us to successfully leverage our excess capital. We
expect this purchase to be immediately accretive to earnings."
The existing Republic employees at the Miami-Dade County offices will be offered
employment with Pointe. Pointe Bank will also purchase furniture, fixtures and
equipment relating to the acquired branches.
Pointe Financial Corporation is the holding company for Pointe Bank
headquartered in Boca Raton with assets of approximately $250 million. Following
the acquisition Pointe will operate 10 full-service commercial banking offices
located in Palm Beach, Broward and Miami-Dade Counties. The Company will have
proforma assets of over $300 million.
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This document contains certain forward-looking statements relating to present or
future trends or factors affecting the banking industry and specifically the
operations, markets and products of the Company. Actual results could differ
materially from those projected and may be affected by changing events and
trends that have influenced the Company's assumptions, but that are beyond the
control of the Company. These trends and events include changes in the interest
rate environment, expected cost savings, anticipated growth in the Company's
newly established or augmented sources of noninterest income, changes in the
domestic and foreign business environments and securities markets and changes in
the regulatory authorities and polices affecting the Company. Additional
information on other factors that could affect the financial results of the
Company is included in the Company's filings with the Securities and Exchange
Commission.
CONTACT: R. Carl Palmer, Jr., President and Chief Executive Officer, or Bradley
R. Meredith, Chief Financial Officer, of Pointe Financial Corporation, phone:
(561) 368-6300.
