Fintech Entrepreneur Acquires Majority Stake in First National Bank of Pasco

Florida Bancshares, the parent company of First National Bank of Pasco (a $276 million community bank), agreed to sell a 65-85% stake to Aiden Florida Bancshares, an entity owned by fintech entrepreneur Fadi Cheikha. Cheikha is the founder of US Alliance Group, a payment processing firm. The transaction is designed to bring fintech integration to the community bank while maintaining its existing charter and community-focused operations.

The deal's closure was initially expected by mid-2022 but was delayed due to economic factors, with a revised target by year-end 2022. No charter change was indicated as part of the transaction. This acquisition represents the growing trend of fintech entrepreneurs and payment companies seeking to acquire or partner with community banks to gain direct banking infrastructure and regulatory access.