PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Anchor Bank, a Palm Beach Gardens-based community bank, has announced that it has entered into a merger agreement with Hallandale Beach-based Home Federal Bank of Hollywood. The transaction is subject to a number of conditions, including the receipt of shareholder and regulatory approvals. Upon the closing, Home Federal Bank of Hollywood’s one location at 900 North Federal Highway in Hallandale Beach will be rebranded as Anchor Bank.

“This is an exciting step for Anchor Bank as it allows us to continue developing our 1800-day Strategic Plan, 'Factor 10.' The merger with Home Federal accelerates Anchor’s landing in Broward and strengthens its presence in the three counties, Palm Beach, Miami-Dade and now Broward,” said Nelson Hinojosa, CEO of Anchor Bank. “It is an excellent fit since there is no overlap of market areas and banking centers.”

“We’re looking forward to the integration of Home Federal Bank of Hollywood into the Anchor Bank brand,” said Scott F. Rosenberg, CEO Home Federal Bank of Hollywood. “This merger will provide additional locations and convenience for our customers.”

Faust Financial, LLC served as financial advisor and Smith Mackinnon, PA served as legal counsel to Home Federal Bank of Hollywood. DD&F Consulting Group served as financial advisor and Avila Rodriguez Hernandez Mena & Ferri LLP served as legal counsel to Anchor Bank.

About Home Federal Bank of Hollywood

Home Federal Bank of Hollywood was founded in 1998 and has $58 million in assets. It has one location at 900 North Federal Highway in Hallandale Beach. For more information, please visit www.homefed.bank.

About Anchor Bank

Anchor Bank recently celebrated 15 years in the Palm Beach County market. The Bank has $169 million in assets and three full-service locations in Palm Beach Gardens, Juno Beach and Boca Raton, and an office in Coral Gables offering Wealth Management Services. The new asset size of Anchor Bank following the merger will be approximately $227 million. The Bank is committed to serving our community as a full-service bank with a staff of seasoned professionals able to create personalized solutions to meet our customers’ unique needs. For more information, please visit www.AnchorBank.com.