CenterState Banks of Florida Inc. in Winter Haven has a deal to buy the $157 million-asset Valrico Bancorp Inc. for $40.4 million of cash and stock.
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The deal, subject to shareholder approval, is expected to close in the second quarter, CenterState said in a Securities and Exchange Commission filing Tuesday.
The $1 billion-asset CenterState, a holding company for four banks, said it would operate Valrico as a wholly owned subsidiary. Buying Valrico would add four branches to CenterState's 28, which are all in Florida. The buyer also would be entering Hillsborough County.
Valrico's second-quarter earnings rose 9% from a year earlier, to $537,000, according to the Federal Deposit Insurance Corp.
