DLP Bancshares in St. Augustine, Fla., has acquired Community State Bank in Starke, Fla.
DLP, a consortium of private investors, said in a press release that it also made a “significant capital contribution” to the $225 million-asset Community State as part of the transaction. The price wasn’t disclosed.
Community State “is a tremendous asset to its community, and we have plans to honor its rich history of quality and client service while at the same time contributing additional capital to position the bank for growth,” Don Wenner, CEO of real estate investment firm DLP Capital and DLP’s lead investor, said in the release.
DLP said the capital contribution will allow Community State to increase its lending limit, make more loans and enhance the services it offers. The funds will also help the bank improve its internal controls, systems and policies.
David Bridgeman will remain Community State’s CEO.
DLP agreed in March 2021 to buy Sunnyside Bancorp in Irvington, N.Y., but another company swooped in and upended the deal.
DD&F Consulting Group originated and assisted in negotiating the transaction. Ballard Spahr and The Kafafian Group advised DLP.