Sunshine Bank will purchase two of three branch offices from First Federal Bank of Florida in Sarasota and Manatee counties. The third branch is expected to be consolidated into the other two branches prior to the closing of the purchase agreement.
Sunshine Bank has also agreed to purchase the real estate property and some selected fixed assets associated with the branches.
The purchase is expected to add approximately $56.4 million in deposits for a deposit premium of 1.80% and $8.3 million in loans at par value.
The transaction is expected to close in the fourth quarter of 2015, subject to regulatory approvals and satisfaction of customary closing conditions.
“We are excited to welcome employees and customers to the Sunshine Bank family as we remain focused on building a strong relationship-based banking franchise in vibrant communities like these,” Andrew Samuel, president and CEO of Sunshine Bank, said. “As a result of the transaction, our customers will experience enhanced products, services and technology, as well as access to more banking locations for convenience.
“Purchasing these two branches in Manatee and Sarasota counties continues our branch network expansion, supports our multi-year strategic plan and enhances shareholder value. Both financial institutions are committed to providing a smooth transition with minimal impact for customers and employees.”
Subsequent to the purchase, Sunshine’s franchise will include ten branches and two loan production offices, stretching across Orlando, Tampa, and Sarasota.