CenterState Bank completed two separate acquisitions of Sunshine Bancorp and HCBF Holding Company, effective January 1, 2018. Both of the respective subsidiary banks, Sunshine Bank and Harbor Community Bank, merged with and into CenterState’s own banking subsidiary.
As a result of these transactions, CenterState is now one of the largest community banks in Florida based on deposit market share and branch footprint, with approximately $10.2 billion in assets, $7.9 billion in deposits and 142 branches, based on September 30, 2017 financial results.
In respect to the merger agreements, Sunshine’s shareholders are entitled to receive 0.89 shares of CenterState common stock for each share of Sunshine common stock. HCBF shareholders are entitled to receive 0.675 of a share of CenterState common stock and $1.925 in cash for each share of HCBF common stock. In each case, cash will be provided in lieu of fractional shares.
With the closing of the HCBF merger, Michael Brown, Sr., chairman and CEO of HCBF and Harbor Community Bank, joined the CenterState and CenterState Bank boards of directors.
