Bank closes in on $5B in assets with acquisition

Stuart-based Seacoast Banking Corp. of Florida acquired Tampa-based NorthStar Banking Corp. for $32.1 million.

NorthStar Bank, founded in 2005, operates three branches in the Tampa area and has deposits of $168 million and loans of $137 million, according to a statement. Seacoast Bank has approximately $4.8 billion in assets and $3.7 billion in deposits.

The purchased follows Seacoast's acquisition of GulfShore Bancshares, Inc., also headquartered in Tampa, which closed in April 2017. If approved, the NorthStar deal will increase Seacoast's assets in Tampa by 38% to approximately $554 million, the release adds.