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.

"This in-market transaction expands our footprint in Tampa, Florida's second largest MSA," Seacoast chairman and CEO Dennis Hudson III says in the release.

“We look forward to partnering with Seacoast and providing our customers with access to their broad range of products,” says NorthStar CEO Scott Jacobsen in the statement. “Seacoast is recognized as one of Florida's preeminent community banks, with strong local roots, a well-established brand, and a commitment to its communities.”

The acquisition is expected to close in the fourth quarter, pending regulatory approvals, the approval of NorthStar shareholders and other customary closing conditions. The deal marks at least the fifth purchase of a community bank on the west coast of Florida in the past year.