Bank nearly doubles assets with $40M purchase

PLANT CITY — Sunshine Bancorp Inc, parent company of Plant City-based Sunshine Bank, has grown to 18 facilities with its $40 million purchase of FBC Bancorp.

The acquisition gives Sunshine an additional $302 million in assets, a statement says, bringing its total to about $800 million. It also adds $223 million in loans and $265 million in deposits with the acquisition.

With those increases, Sunshine will become one of the largest community banks in central Florida, the statement says. Andrew Samuel, president and CEO of Sunshine, says the acquisition will also help the company expand in the Orlando metro market.

Following the completion of the deal, current FBC President and CEO Dana Kilborne will join the Sunshine executive team, the statement says. Shareholders of FBC will receive 0.88 shares of Sunshine common stock for each share of FBC common stock.

Sunshine Bank was established in Plant City in 1954. In late 2014, Sunshine recruited Samuel from a bank with more than $18 billion to be its CEO and is reaping the benefits.