Marking its largest step to date in Florida, Carolina First Corp. said Thursday that it plans to buy Orlando-based Citrus Bank for $71 million.

The Greenville, S.C.-based company would pay $37.07 for each share of $228 million-asset Citrus Bank. The deal is valued at 3.78 times book and 26 times fourth-quarter earnings.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.