HCBF Holding Co. in Fort Pierce, Fla., has agreed to buy Jefferson Bankshares in Oldsmar, Fla.
HCBF, the parent of the $1.8 billion-asset Harbor Community Bank, said in a press release Friday that it will pay $40 million in cash and stock for the $296 million-asset parent of Jefferson Bank of Florida. The deal is expected to close in the third quarter.
"We are excited about the opportunity to expand into the rapidly growing Tampa-St. Petersburg-Clearwater market and feel that Jefferson provides an excellent platform on which to do so," Michael Brown, Sr., HCBF's chairman and CEO, said in the release.
Brown, who bought a predecessor to HCBF in 2011, had been an active acquirer after the financial crisis. HCBF's last acquisition was completed in December 2015.
HCBF was advised by Keefe, Bruyette & Woods and Gunster, Yoakley & Stewart. Jefferson was advised by Hovde Group and Igler & Pearlman.