Stuart-based Seacoast Banking Corp. said Thursday that it will acquire Tampa's NorthStar Banking Corp. for $32.1 million. NorthStar has three branches in the Tampa Bay area: two in Tampa and one in Largo. A Seacoast release said NorthStar controls $168 million in deposits and $137 million in loans, which brings Seacoast's Tampa Bay assets to $554 million.
"We are executing our 'land and expand' strategy of enlarging our initial beachhead, as we did successfully in the adjacent Orlando market last year," CEO Dennis Hudson III said in a release.
NorthStar opened in Tampa in 2007. It was backed at the time by local philanthropist Dr. Kiran Patel, Obama administration Under Secretary for International Trade Frank Sanchez and prominent Tampa businessman John Sykes. It marketed itself as a cross between a regional and community bank.
This is Seacoast's second local acquisition this year. It converted three GulfShore Bank locations in April after its acquisition of GulfShore's parent company in 2016. Overall, Seacoast has about $5 billion in assets and operates 53 Florida branches.
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