SunTrust Banks Inc. said it signed a definitive agreement to buy $183 million-asset Citizens Bancorp. of Marianna, Fla., for about $50 million in stock and cash.
The deal would give $60 billion-asset SunTrust, which holds the third- largest share of deposits in Florida, five additional offices in the north- central part of the state and the No. 1 market share in Jackson County, where the company has no presence.
The agreement calls for SunTrust to pay 636,000 of its own shares for Citizens. When the deal was announced Thursday, SunTrust stock was trading at about $79 a share.
SunTrust officials said the deal, which is expected to be completed during the third quarter, would have no material impact on SunTrust earnings.
David B. Ramsay, chief executive of SunTrust's Tallahassee, Fla., bank, said the company agreed to acquire Citizens because it is a high-performing company whose operations are contiguous with but not overlapping SunTrust's Tallahassee operations. The acquisition would be SunTrust's first bank purchase in more than two years.