TAMPA - A bank holding company formed by Tampa investor Bob Gries said Monday it has won Federal Reserve approval to buy long-ailing Southern Commerce Bank of Tampa.

Gries Investment Funds created 4830 Acquisition Co. LLC as the vehicle to buy Southern Commerce from Dickinson Financial Corp. of Kansas City, Mo.

Veteran banker Anthony Leo, who is slated to become CEO of Southern Commerce upon approval, said the goal is to build "a top-shelf community bank with diversified sources of revenue." Leo has served as a transitional CEO for several troubled banks and is currently acting CEO of Home Federal Bank in Hollywood.

Southern Commerce has about $80 million in assets and 10 branches, including six locations within Walmart stores.

The acquisition is expected to close in the second quarter.

Times staff