CenterState Bank has completed two separate definitive merger agreements to acquire HCBF Holdings, parent company of Harbor Community Bank, and Sunshine Bancorp, parent company of Sunshine Bank. Upon completion of each merger, the acquired banks will merge into CenterState Bank.

CenterState will emerge from the transactions as the largest community banking company in the state of Florida by assets, market capitalization, deposit market share and branch footprint. Based on June 30, 2017 results, including the impact of purchase accounting, the combined company is expected to have pro forma of approximately $10.1 billion in assets, $6.6 billion in loans and $8.1 billion in deposits.

The two transactions combined are expected to result in mid-single-digit EPS accretion and minimal tangible book value dilution, expected to be earned back in less than three years on a fully phased in basis, including the impact of CenterState crossing $10 billion in assets.

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

Subject to the terms of the Harbor merger agreement, Harbor shareholders will receive 0.675 of a share of CSFL common stock and $1.925 in cash consideration for each outstanding share of Harbor common stock. Based on CSFL’s stock price of $23.93 as of August 11, 2017, this equates to a per share value of $18.08 and an aggregate deal value of $416.7 million.

Upon completion of the merger, Harbor Chairman and CEO Mike Brown, Sr. will join the CenterState board of directors.

Subject to the terms of the Sunshine merger agreement, Sunshine shareholders will receive 0.89 shares of CSFL common stock for each outstanding share of Sunshine. Based on CSFL’s stock price of $23.93 as of August 11, 2017, this equates to a per share value of $21.30 and an aggregate deal value of $176.7 million.

“Our board and management recognize the strategic significance of combining with CenterState, pro forma with Harbor,” said Andrew Samuel, president and CEO of Sunshine. “With this merger, we will build on our heritage in community banking while providing even greater strength, size and stability to our customers, employees, shareholders and the communities we serve.”

Keefe, Bruyette & Woods served as financial advisor to CenterState in both transactions. Alston & Bird served as legal counsel to CenterState in the Harbor transaction and Smith Mackinnon served as legal counsel to CenterState in the Sunshine transaction. Sandler O’Neill & Partners served as financial advisor and Skadden, Arps, Slate, Meagher & Flom served as legal counsel to Harbor in the Harbor transaction. Hovde Group served as financial advisor, and Luse Gorman served as legal counsel to Sunshine in the Sunshine transaction.