First National Bank of the Gulf Coast (in organization), a new independent community bank planning to open in Naples, Tuesday announced that it has received preliminary approval from the Federal Deposit Insurance Corporation (FDIC) for deposit insurance in connection with the proposed merger with Panther Community Bank, N.A., an independent community bank serving Lehigh Acres.

The resulting bank will be named First National Bank of the Gulf Coast and will be headquartered in Naples. Subject to receiving final regulatory approval from the Office of the Comptroller of the Currency, it is anticipated that the combined bank will open in late August 2009, with the opening occurring no later than October 30, 2009.

“We are delighted to receive the approval of the FDIC which enables us to proceed with our proposed combination with Panther Community Bank and the opening of First National Bank of the Gulf Coast,” said Gary L. Tice, chairman and CEO of First National Bank of the Gulf Coast (in organization).

“Obtaining deposit insurance in today’s economic environment is a significant achievement and allows us to proceed with our merger and begin the business of banking with three full-service locations. Our main office and a branch will be located in Collier County with the current Panther Community Bank location to be maintained as a branch office in Lehigh Acres.”

Michael J. Kerschner, chairman of Panther Community Bank, N.A., added, “The combination of these two organizations will create a very strong locally based bank with the financial wherewithal and experience to aid in the economic recovery of Southwest Florida.

“We are excited about the combined bank’s prospects and look forward to serving the community in a long-term capacity with a broader array of banking products and services. We believe that our current customers will continue to receive the same level of personalized service and will benefit from our enhanced products and services.”

Founded in 2007, Panther Community Bank, N.A., has total assets of approximately $50 million and one office located in Lehigh Acres. The bank provides retail and commercial banking services with a special emphasis on the loan and deposit needs of individual residents and small to mid-sized business owners within the local community.

First National Bank of the Gulf Coast (in organization) is a proposed new bank which will be headquartered in Naples. The bank’s organizers have received preliminary regulatory approvals and will conduct a public offering of common stock to raise the necessary funds to capitalize the bank and proceed with the planned merger.

It is anticipated that, upon consummation of the merger, the combined bank will have approximately 65 employees. The management team will be led by Tice, Chairman and CEO; Garrett S. Richter, president; C.C. Coghill, a senior executive vice president and chief credit officer; and Robert T. Reichert, senior executive vice president and chief administrative officer.

Members of the Panther Community Bank, N.A., executive team, including President and CEO Karen R. Makowski, Chief Financial Officer Philip Nemni, and Chief Credit Officer Brenda Dolan, will also continue in key roles with the bank.

The combined bank’s main banking office will be located at 3560 Kraft Road with a full-service branch to open at 811 Anchor Rode Drive in Naples. The current main office of Panther Community Bank at 50 Joel Blvd. in Lehigh Acres will be maintained as a branch.

“We believe there is a tremendous need for a strongly capitalized, independent community bank that is dedicated to serving the unique needs of residents and business owners in Southwest Florida,” Tice said. “The marketplace currently is served by banks which have limited capacities or willingness to lend and to promote economic development. First National Bank of the Gulf Coast will be locally owned and managed with a team of dedicated professionals who are active members of our community.”