CenterState Bank Corporation ("CenterState") announced that it completed its separate acquisitions of Sunshine Bancorp, Inc. ("Sunshine") and HCBF Holding Company, Inc. ("HCBF"), effective as of January 1, 2018. Immediately following each acquisition, Sunshine's subsidiary bank, Sunshine Bank, and HCBF's subsidiary bank, Harbor Community Bank, merged with and into CenterState Bank, N.A., a national banking association and wholly owned subsidiary of the Company, with CenterState Bank as the surviving bank in the mergers. 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.
Pursuant to the merger agreement with Sunshine, Sunshine's shareholders are entitled to receive for each share of Sunshine common stock outstanding, 0.89 shares of CenterState common stock. Pursuant to the merger agreement with HCBF, HCBF shareholders are entitled to receive for each share of HCBF common stock outstanding, 0.675 of a share of CenterState common stock and $1.925 in cash. In each case, cash will be provided in lieu of fractional shares.
In addition, in connection with the closing of the HCBF merger, Michael Brown, Sr., Chairman and Chief Executive Officer of HCBF and Harbor Community Bank, has joined the CenterState and CenterState Bank boards of directors.
About CenterState
CenterState, headquartered in Winter Haven, Florida between Orlando and Tampa, is the holding company for CenterState Bank, N.A., which provides traditional deposit and lending products and services to its commercial and retail customers through 142 branch banking offices located in 31 counties throughout Florida. The Company also provides correspondent banking and capital market services to approximately 600 community banks nationwide.
