Lead Advisor: Craig Mancinotti
Drummond Banking Company completed its acquisition of PSB BancGroup, Inc. and its subsidiary, Peoples State Bank, Lake City, Florida, on January 1, 2019. The financial terms of the transaction were not disclosed.
Drummond already has locations in Marion, Alachua, Levy, Citrus, Lafayette, Columbia, Dixie and Gilchrist counties. With the addition of Peoples State Bank’s offices in Lake City, Fort Myers and Port Charlotte, Drummond Community Bank will operate 17 banking offices and two loan production offices. The combined bank will have assets exceeding $600 million, deposits of more than $550 million, and over $340 million in loans, with consolidated capital and reserves totaling more than $62 million.
ProBank Austin served as financial advisor to Drummond Banking Company, with Craig Mancinotti, Managing Director, serving as lead advisor. ProBank Austin has been involved with 128 M&A transactions since 2005, ranking the firm fifth nationally in bank M&A transaction volume according to S&P Global Market Intelligence.