CenterState to Buy Hometown of Homestead in Fla.

CenterState Banks in Davenport, Fla., has agreed to buy Hometown of Homestead Banking Co. in Homestead, Fla.

The $3.9 billion-asset CenterState said in a press release Tuesday that it will pay $19.1 million, or $1.25 a share, in cash for the parent of the $346 million-asset 1st National Bank of South Florida. The transaction is expected to close in the first quarter.

CenterState agreed earlier this month to buy the $495 million-asset Community Bank of South Florida, which is also based in Homestead.

"The combination of the two acquisitions helps us to further penetrate the attractive South Miami-Dade market," Ernie Pinner, CenterState's chairman, said in Tuesday's release.

Keefe, Bruyette & Woods and Smith Mackinnon advised CenterState. Sandler O'Neill and BuckleySandler advised Hometown.