PLANT CITY — Sunshine Bank, with a presence in the Tampa and Orlando markets, is heading south with an acquisition of two competitor's offices in the Sarasota-Bradenton region.
Sunshine signed a branch purchase agreement with Lake City-based First Federal Bank of Florida to buy one branch in Sarasota County and another office in Manatee County, according to a release.
Terms of the acquisition weren't disclosed.
A subsidiary of Plant City-based Sunshine Bancorp, Sunshine Bank officials say the purchase will add around $56.4 million in deposits. Sunshine had $247 million in assets through March 31, according to Federal Deposit Insurance Corp. data. That tally in assets doesn't include Lakeland-based Community Southern Bank, which Sunshine bought earlier this year. That deal will add about another $250 million in assets to Sunshine.
“Purchasing these two branches in Manatee and Sarasota counties continues our branch network expansion, supports our multiyear strategic plan, and enhances shareholder value,” Sunshine President and CEO Andrew Samuel says in the release. “Both financial institutions are committed to providing a smooth transition with minimal impact for customers and employees.”
Sunshine Bank also agreed to purchase the real estate property and some selected fixed assets associated with the branches, the release states. The deal, subject to regulatory approvals and closing conditions, is expected to close in the fourth quarter.
Organized in 1954 under the name First Federal Savings and Loan Association of Plant City, the lender was renamed Sunshine Bank in 2014, along with a change in its ownership structure. After the deal, Sunshine Bank will have 10 branches and two loan production offices from Orlando to Sarasota.
The sale also represents a departure of First Federal from the Sarasota-Bradenton market. The bank's third branch in the area, the release states, will be consolidated into the other two branches prior to the closing of this transaction. First Federal entered the Sarasota-Bradenton market in 2009, when it took over the failed remains of Flagship National Bank in Bradenton, which the FDIC shuttered due to sour real estate loans. First Federal had $1.15 billion in assets through March.