CenterState Bank buys two banks with Bradenton, Sarasota branches

Earlier this month, CenterState Banks Inc. announced the acquisition of Harbor Bank and Sunshine Bank’s parent companies. The merger makes CenterState the largest community bank in Florida, according to a Securities and Exchange Commission release.

CenterState Bank, based in Winter Haven, signed the separate deals concurrently. The deal with Fort Pierce-based HCBF Holding Company, Inc. is valued at $416.7 million. The agreement with Sunshine Bancorp, Inc., headquartered in Plant City, is valued at $176.7 million.

All told, CenterState will have $10.1 billion in assets, $6.6 billion in loans and $8.1 billion in deposits, per the SEC release.

“Our partnerships with Harbor Community Bank and Sunshine Bank are the logical next step to fulfill our vision of becoming Florida’s bank,” John Corbett, the president and chief executive officer of CenterState, said in the release. “We are excited to elcome Harbor’s employees as well as Sunshine’s employees to the CenterState family and look forward to working with them.”

Harbor Bank has four branches in the Bradenton-Sarasota area and Sunshine Bank has two. As to whether local branch employees will be replaced, relocated or laid off, Harbor Community Bank president and COO J. Hal Roberts Jr. doesn’t have an answer at this time.

“We are way too early in the process to determine these issues,” Roberts said in an email. “We expect regulatory approval to take several months and closing the transaction should take place in the first quarter of 2018.”

Customers can expect to see signage changes after the close. Roberts doesn’t anticipate changes in accounts or services at this time and said, “We will be reviewing all products and services to ensure the least impact on the customer.”

Representatives for Sunshine Bank directed questions to CenterState representatives, who did not return a call for comment.

This story was originally published August 23, 2017 at 3:49 PM with the headline "CenterState Bank buys two banks with Bradenton, Sarasota branches."