Anchor Bank and Home Federal Bank of Hollywood Merger Approved

Anchor Bank and Home Federal Bank of Hollywood Merger Approved

Anchor Bank President and CEO Nelson Hinojosa

Anchor Bank, a Palm Beach Gardens-based community bank, has announced that its merger with Hallandale Beach-based Home Federal Bank of Hollywood has been approved by the shareholders of both institutions, the Federal Reserve and the Florida Office of Financial Regulation. As of the tentative closing date of Friday, August 27, 2021, the combined assets of the two entities will be approximately $217 million. Home Federal Bank of Hollywood’s CEO Scott Rosenberg will become a director of Anchor Bank and its one location at 900 North Federal Highway in Hallandale Beach will be rebranded as Anchor Bank.

Under the terms of the merger agreement, Home Federal shareholders will receive approximately 515 shares of Anchor common stock for each share of Home Federal common stock. The resulting aggregate merger consideration paid by Anchor was approximately $5 million.

Home Federal, headquartered in Hallandale Beach has deposits of approximately $35 million as of June 30, 2021. The merger introduces Anchor’s presence into Broward County, one of the strongest economies in Florida. The Broward County Home Federal location complements Anchor’s locations in Palm Beach County and its wealth management office in Miami-Dade.

“We are delighted to welcome all Home Federal clients to the Anchor Bank family,” said Nelson Hinojosa, CEO of Anchor Bank. “We are confident that our personalized, quick and flexible financial services will be of great value to Broward County’s professionals and small and mid-size businesses.”

“Additionally, this merger builds upon Anchor Bank’s organic growth in Florida’s largest and most diverse market and the nation’s seventh largest metropolitan statistical area,” continued Hinojosa “In 2005, we set out to establish a high-quality banking alternative for the Palm Beach County community and today we can bring that same option to the South Florida tri-county market.”

“Our merger will be a great fit for our non-overlapping financial institutions,” said Scott F. Rosenberg, CEO of Home Federal Bank of Hollywood. “This move will be mutually beneficial to the very diverse northeastern Miami-Dade and southeastern Broward communities. Our combined organization, under the leadership of Nelson Hinojosa, will present tremendous opportunities to serve and expand our South Florida customer base.”