CenterState Banks in Davenport, Fla., has agreed to buy a branch from the parent of SouthBank in Palm Beach Gardens, Fla.
The $3.8 billion-asset CenterState said in a regulatory filing Monday that it will buy the building from Commonwealth Savingshares for roughly $2 million. CenterState will also pay a $100,000 premium for the branch's $18.5 million in loans. CenterState said it is not buying any loans.
The transaction is expected to close in the third quarter.
CenterState said it plans to close two of its own branches after determining that the SouthBank office is in "a superior location."
