Cypress Trust in Palm Beach, Fla., has agreed to buy the personal trust business of CenterState Bank in Winter Haven, Fla.
Cypress Trust said in a press release Monday that the deal includes roughly 120 relationships, each with multiple accounts, and will increase its personal trust business by 15%. Employees of the $6.8 billion-asset CenterState’s trust department will join Cypress Trust.
“We are excited to acquire a personal trust business that began in the 1960’s to serve clients in the greater Jacksonville area,” Jay Chigurupati, Cypress Trust’s chairman and CEO, said in the release. “The transaction also enables us to serve potential clients in significant markets in the state of Florida.”
Cypress Trust did not disclose the price it will pay.
Cypress Trust provides investment management and trust services through offices in several Florida markets. The deal will expand its reach to Jacksonville, Fla.
DD&F Consulting advised Cypress Trust.