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."

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.