Seacoast Banking Corporation of Florida, the parent of Seacoast National Bank, has agreed to acquire local lender NorthStar Banking (NSBC), the parent of NorthStar Bank, for about $32.1m.
Under the arrangement, NSBC will be merged with and into Seacoast, and NorthStar Bank will be merged with and into Seacoast Bank.
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As per the agreed terms of the deal, shareholders of NSBC will get 0.5605 shares of Seacoast common stock and $2.40 in cash for each share held.
NSBC has three branches in the Tampa MSA, deposits of $168m and loans of $137m. The acquisition will boost Seacoast’s assets in Tampa by 38% to around $554m.
The deal is expected to be completed in the fourth quarter of 2017, subject to regulatory and shareholder approvals.
Seacoast chairman and CEO Dennis Hudson III said: “This in-market transaction expands our footprint in Tampa, Florida’s second largest MSA.
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By GlobalData“The acquisition of NorthStar Banking Corporation deepens our presence in the strategically important Tampa market and builds on our acquisition of GulfShore Bank, completed last month. We are executing our ‘land and expand’ strategy of enlarging our initial beachhead, as we did successfully in the adjacent Orlando market last year.”
