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FirstAtlantic Shareholders Approve Merger with National Commerce Corporation

Posted on 12/19/2017 by

JACKSONVILLE, FL (December 19, 2017) – FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD) (“FirstAtlantic”), the parent company of FirstAtlantic Bank, today announced that its shareholders voted to approve the merger of FirstAtlantic with and into National Commerce Corporation (Nasdaq: NCOM) (“NCC”) pursuant to the Agreement and Plan of Merger, dated August 16, 2017, by and between FirstAtlantic and NCC. FirstAtlantic and NCC have already received all regulatory approvals, including approval from the Office of the Comptroller of the Currency, necessary to complete the proposed merger. Subject to the satisfaction of other customary closing conditions contained in the merger agreement, the merger is expected to be completed on January 1, 2018.

The proposal to adopt the merger agreement and approve the merger was approved by FirstAtlantic shareholders owning approximately 79.3% of the outstanding FirstAtlantic shares as of the record date, representing the requisite affirmative vote of a majority of FirstAtlantic’s outstanding shares entitled to vote at the meeting.

The deadline for FirstAtlantic shareholders to make an election as to the form of merger consideration they would like to receive has passed. Shares with respect to which no valid election was made prior to the election deadline will be subject to the default allocation procedures described in the merger agreement.

The final determination of each FirstAtlantic shareholder’s cash/stock allocation will be made following the completion of the merger. Transmittal materials for the exchange of FirstAtlantic stock certificates will be mailed promptly following completion of the merger.

About FirstAtlantic Financial Holdings, Inc.:

FirstAtlantic Financial Holdings, Inc. (OTCQX: FFHD) is the holding company for FirstAtlantic Bank, which is a full service community bank, headquartered in Jacksonville, Florida. FirstAtlantic Bank has approximately $465 million in assets and eight financial centers located in Jacksonville, Orange Park, St. Augustine and Ponte Vedra Beach. FirstAtlantic Bank (www.firstatlantic.bank) is dedicated to serving businesses, professionals, and consumers while offering a full array of banking services. FirstAtlantic Bank has earned the coveted 5-Star Superior Rating from BauerFinancial, Inc., the Nation’s premier bank rating firm.