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Sunshine Bancorp in Plant City, Fla., has agreed to buy Community Southern Holdings in Lakeland, Fla.
February 5 -
Many people in Florida were sure that M&A would pass over the Sunshine State for years after the financial crisis. But a recent influx of deals suggests that Florida hasn't lost its luster.
May 19 -
Three recent deals involving midsize sellers have gone far reversing regional bankers' fears of M&A. Still, the real evidence of progress must involve seeing those deals close.
February 2
Sunshine Bancorp in Plant City, Fla., has agreed to buy two branches from First Federal Bank of Florida.
The $247 million-asset Sunshine said in a press release that it would buy branches in the Florida cities of Bradenton and Sarasota, along with $56.4 million in deposits and $8.3 million in loans. Sunshine said it will pay a 1.8% premium for the deposits; the sale should close in the fourth quarter.
Sunshine will also buy the property and select fixed assets from the $1.1 billion-asset First Federal.
"We remain focused on building a strong relationship-based banking franchise in vibrant communities like these," Andrew Samuel, Sunshine's president and chief executive, said in the release. "As a result of the transaction, our customers will experience enhanced products, services, and technology, as well as access to more banking locations for convenience."
