CenterState Banks (CSFL) in Davenport, Fla., has agreed to buy Gulfstream Bancshares in Stuart, Fla.
CenterState will pay about $76.9 million in cash and stock for the $572 million-asset Gulfstream, which also has four branches $368 million in loans and $486 million in deposits.
"Gulfstream is a natural extension of our Florida and Treasure Coast franchise into attractive areas with growth potential," John Corbett, president and chief executive of CenterState Bank of Florida, said in a press release Tuesday. "We have admired Gulfstream's niche focus on small businesses and medical practices."
The $2.4 billion-asset CenterState said it expects to complete the acquisition in the first quarter.
Raymond James was CenterState's financial advisor; Smith Mackinnon provided legal counsel. Hovde Group served as financial advisor and rendered a fairness opinion to GulfStream Bancshares, while Shutts & Bowen served as legal counsel.