Platinum Bank of Brandon, one of the largest community banks based in Tampa Bay, is being bought by CenterState Banks Inc. of Winter Haven for $83.9 million in cash and stock.
The deal announced Tuesday morning will create the third-largest community bank in Tampa Bay.
CenterState said the acquisition complements its existing footprint with five out of seven Platinum branches within 1.25 miles of existing CenterState locations.
Platinum, which has $584 million in assets, operates seven banking locations in the bay area and Lakeland and Winter Haven. The combined company would have about $5.6 billion in assets, $3.7 billion in loans and $4.5 billion in deposits, CenterState said in a news release.
"We have known the team at CenterState for many years, and are excited to merge with a high performing community bank that shares our values and customer centric culture," Platinum president and CEO Jerry Kyle said.
The merger, which has been unanimously approved by the boards of each company, is expected to close early in the second quarter of 2017, pending regulatory approval.