Clearwater bank has a new owner
West Florida Bank Corp. has completed its previously announced acquisition of Flagship Community Bank, a Clearwater-based bank with about $121 million in total assets. West Florida, a newly created bank holding company, raised over $32 million in capital for the acquisition, said Paul Wikle, chairman. The company paid $14.57 per share for the outstanding shares of Flagship common stock, and Flagship shareholders can elect to receive cash, stock or a combination, a news release said. The West Florida team is made up of well-known local bankers, including Robert McGivney, who is CEO, Jim Nelson who is president and chief operating officer, and Rob Shaw, who is executive vice president.