For the second time this month Chamber member CenterState Bank announced their acquisition of a bank in Homestead, FL; this time Hometown of Homestead Banking Company (“HBC”), the parent company of 1st National Bank of South Florida. This will be their 12 acquisition in the last 6 years. Earlier this month they announced the planned acquisition of Community Bank of South Florida Inc.
CenterState Banks, Inc. (Nasdaq-GS: CSFL) announced today the signing of a definitive merger agreement under which CenterState will acquire Hometown of Homestead Banking Company (“HBC”), the parent company of 1st National Bank of South Florida ( “1st National”).
1st National, which is headquartered in Homestead, Florida, currently operates 6 banking locations in the Miami-Fort Lauderdale-West Palm Beach MSA. As of June 30, 2015, 1st National reported assets of $346 million, gross loans of $204 million and deposits of $283 million.
"1st National is an excellent complement to our recent acquisition of Community Bank of South Florida,” said Ernie Pinner, Executive Chairman of CenterState Banks, Inc. “The combination of the two acquisitions helps us to further penetrate the attractive South Miami-Dade market.”
Upon completion of the acquisition, the combined company will have approximately $4.7 billion in assets, $3.1 billion in loans and $3.9 billion in deposits, inclusive of the pending acquisition of Community Bank of South Florida, Inc. This transaction will further solidify CenterState’s position as one of the largest Florida-based community banks and is expected to result in high single-digit EPS accretion when fully phased in.
“1st National, founded in 1932, has a long established presence in South Miami-Dade county, and we look forward to weloming their customers and employees to our growing Florida franchise,” said John Corbett, President & CEO of CenterState.
The merger agreement has been unanimously approved by the boards of directors of each company. The transaction is expected to close late in the first quarter of 2016 and is subject to customary conditions, including both regulatory approvals and HBC shareholder approval. Subject to the terms of the merger agreement, HBC shareholders will receive $1.25 in cash for each share of HBC’s common stock, which equates to an aggregate deal value of $19.1 million.
“We are excited to have this opportunity to partner with CenterState, a like-minded Florida headquartered community bank. The combination provides valuable additional products and services for our customers as well as access to an expanded branch network,” said David Peyton, President & CEO of 1st National.
Early this month, CenterState Bank announced the acquisition of Community Bank of South Florida, Inc. The cash-and-stock deal is valued at $66.6 million, a press release said.Community Bank (OTC Pink: CBKS), the parent company of Community Bank of Florida, is the market share leader in south Miami-Dade County, John Corbett, president and CEO of CenterState (NASDAQ: CSFL), said in the release.
Community Bank had $495 million in assets as of June 30. Headquartered in Homestead, it operates 11 banking locations, largely in the Miami-Fort Lauderdale-West Palm Beach metro, with two offices in the Key West metro area and two offices in Polk County.
It’s a complementary fit with CenterState, which has a significant presence in the Lakeland-Winter Haven metro area, said Ernie Pinner, executive chairman of CenterState Banks.
It also builds on CenterState’s earlier acquisitions of First Southern Bancorp and Gulfstream Business Bank, Pinner said. CenterState bought Gulfstream in Stuart in January 2014 and First Southern in Boca Raton five months later.