Florida-based CenterState Banks, the parent of CenterState Bank, has agreed to acquire local lenders HCBF Holding Company (Harbor) and Sunshine Bancorp.

Under the arrangement, Harbor subsidiary Harbor Community Bank and Sunshine subsidiary Sunshine Bank will merge into CenterState Bank.

The merged entity will have around $10.1bn in assets, $6.6bn in loans and $8.1bn in deposits.

CenterState said that the deals will make it the largest community bank in Florida by “assets, market capitalization, deposit market share and branch footprint”.

As per the agreed terms, shareholders of Harbor will be entitled to receive 0.675 of a share of CSFL common stock and $1.925 in cash for each share held, while Sunshine shareholders will receive 0.89 shares of CSFL common stock for each share held. The Harbor and Sunshine deals are worth $416.7m and $176.7m, respectively.

Harbor chairman and CEO Mike Brown, Sr. will become a member of CenterState’s board of directors upon deal closing.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The acquisitions are expected to close in the first quarter of 2018, subject to shareholder and regulatory approvals.

CenterState president and CEO John Corbett said: “Our partnerships with Harbor Community Bank and Sunshine Bank are the logical next step to fulfill our vision of becoming Florida’s bank. We are excited to welcome Harbor’s employees as well as Sunshine’s employees to the CenterState family and look forward to working with them.”