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August 17, 2017

CenterState Banks to take over two Florida-based banks

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.

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.”

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