West Coast Bancorp Inc. offers to buy Common Stock of South Florida Bank Holding Corp

Business Wire, May 10, 1995

CAPE CORAL, Fla.--(BUSINESS WIRE)--May 10, 1995--West Coast Bancorp Inc. (NASDAQ:WBAN) announced Wednesday that it has offered pursuant to a definitive agreement to purchase all of the issued and outstanding shares of common stock of South Florida Bank Holding Corp., Fort Myers, Fla. (SFBHC).

SFBHC is the parent company of South Florida Bank, a state chartered commercial bank.

Thomas R. Cronin, chairman of the board of West Coast Bancorp, said the company will offer the equivalent of 1.35 to 1.5 times the book value of SFBHC stock. He said the final price will be determined after a definitive agreement is reached and upon completion of the due diligence process. At Dec. 31, 1994, SFBHC reported 1,002,875 shares outstanding and a book value per common share of $3.79.

"The acquisition of SFBHC will increase our penetration of the Fort Myers market area. We look forward to building strong relationships with South Florida Bank customers, many of whom are stockholders of our company," Cronin said.

Cronin said that West Coast Bancorp is in a strong financial position. West Coast Bancorp and its principal subsidiary, First National Bank of Southwest Florida, had consolidated assets of approximately $138 million as of March 31, 1995. The Bank, which began operations in 1988, is the largest independent community bank in Cape Coral and the second largest in Lee County.

Cronin said the company expects to use some of the $6.4 million in proceeds from its 1993 public offering of common stock to finance the SFBHC acquisition. The company since August 1993 has paid a regular quarterly dividend of five cents per share, or 20 cents per year. The company recently announced payment of a dividend of five cents per share on May 15, 1995 to shareholders of record on May 5, 1995.

SFBHC is also a Florida holding company whose subsidiary, South Florida Bank, began operations in May 1988. SFBHC had consolidated assets of approximately $53 million as of Dec. 31, 1994.

CONTACT: West Coast Bancorp Inc., Cape Coral

Michael P. Geml, President and Chief Executive Officer

813/772-2220

or

Investor Relations Consultants Inc.

813/796-1452