Make us your home page
Instagram

After GulfShore Bank deal, Seacoast Banking adds another with deal for Tampa's NorthStar Bank

Dennis Hudson III is CEO of Stuart-based Seacoast Banking Corp.

Dennis Hudson III is CEO of Stuart-based Seacoast Banking Corp.

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.

Contact Malena Carollo at mcarollo@tampabay.com. Follow @malenacarollo.

After GulfShore Bank deal, Seacoast Banking adds another with deal for Tampa's NorthStar Bank 05/18/17 [Last modified: Thursday, May 18, 2017 8:15pm]
Photo reprints | Article reprints

© 2017 Tampa Bay Times

    

Join the discussion: Click to view comments, add yours

Loading...
  1. 'Road to Nowhere' is back: Next phase of Suncoast Parkway coming

    Roads

    Despite intense public opposition and dubious traffic projections, the Florida Department of Transportation has announced that construction of the toll road known as "Suncoast 2" is expected to start in early 2018.

    The Suncoast Parkway ends at U.S. 98 just south of Citrus County. For years residents have opposed extending the toll road, a project dubbed the "Suncoast 2" into Citrus County. But state officials recently announced that the Suncoast 2 should start construction in early 2018. [Stephen J. Coddington  |  TIMES]
  2. A sports rout on Wall Street

    Retail

    NEW YORK — Sporting goods retailers can't shake their losing streak.

  3. Grocery chain Aldi hosting hiring event in Brandon Aug. 24

    Retail

    BRANDON — German grocery chain Aldi is holding a hiring event for its Brandon store Aug. 24. It is looking to fill store associate, shift manager and manager trainee positions.

  4. Lightning owner Jeff Vinik backs film company pursuing global blockbusters

    Corporate

    TAMPA — Jeff Vinik's latest investment might be coming to a theater near you.

    Jeff Vinik, Tampa Bay Lightning owner, invested in a new movie company looking to appeal to a global audience. | [Times file photo]
  5. Trigaux: Look to new Inc. 5000 rankings for Tampa Bay's future heavyweights

    Business

    There's a whole lotta fast-growing private companies here in Tampa Bay. Odds are good you have not heard of most of them.

    Yet.

    Kyle Taylor, CEO and founder of The Penny Hoarder, fills a glass for his employees this past Wednesday as the young St. Petersburg personal advice business celebrates its landing at No. 25 on the 2017 Inc. 5000 list of the fastest growing private companies in the country. Taylor, still in his 20s, wins kudos from executive editor Alexis Grant for keeping the firm's culture innovative. The business ranked No. 32 last year. [DIRK SHADD   |   Times]