Fidelity Southern (LION) in Atlanta said Thursday that it is buying five branches and roughly $200 million of deposits from CenterState Bank of Florida (CSFL).
The $3 billon-asset CenterState, based in Davenport, is inheriting the branches as part of its $190 million acquisition of First Southern Bancorp in Boca Raton, Fla. That deal, announced in January, is expected to close next quarter.
Fidelity, with $2.6 billion of assets, said it would pay premium of 1.5% for the deposits from six CenterState branch offices. It is also acquiring five of those branches, in Duval, Orange, Volusia, Seminole, and St. John's Counties. Fidelity, which has a branch in Jacksonville, is interested in establishing a branch network stretching from Jacksonville to Orlando to Tampa, Palmer Proctor, the bank's president said in a news release.
The deal for the CenterState branches is expected to close in the third quarter.
"Fidelity has been in Florida since 1992 and services $689 million in residential construction, commercial, [Small Business Administration], indirect automobile, and mortgage loans originated across the state," said Jim Miller, chairman at Fidelity. "This base will significantly help in building out our Florida branch operations."