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
"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.