Bank of North Florida acquired by DLP Bancshares
DLP Bancshares today announced the acquisition of Community State Bank, a commercial bank with $225 million in assets headquartered in Starke, Florida, near Gainesville and Jacksonville. DLP Bancshares is a holding company owned by a consortium of private investors, including Don Wenner, CEO of real estate investment and financial services company DLP Capital.
“Community State Bank is a tremendous asset to its community, and we intend to honor its rich history of quality and customer service while providing additional capital to position the bank for growth,” said said Don Wenner, Founder and CEO of DLP Capital and the lead investor in DLP Bancshares. “We are thrilled to welcome all bank employees to our DLP family while installing an outstanding Board of Directors to oversee the bank’s future success.”
Following the acquisition, DLP Bancshares made a significant capital contribution to Community State Bank to increase the bank’s lending limit, support its balance sheet objectives including loan growth, improve service line offered to its customers, and manage and protect the bank’s operations, augmenting a robust system of internal controls, systems and policies. In addition, DLP Bancshares will provide resources to strengthen and expand the bank’s technology investments, thereby improving the products and services offered to the communities it serves. The bank will continue to play an important role in the local community, having a long history of serving the region since its founding in 1957.
DLP Bancshares brings new board members with extensive financial and business experience to Community State Bank, including: Lisa Mead, former executive of AmSouth Bank (later Regions Financial) of Birmingham, Alabama; Frank Rodriguez, chairman of debt and equity investment firm Miramar Group and former board member of the US Hispanic Chamber of Commerce; Bob Peterson, CFO of DLP Capital with 40 years of experience in commercial and residential real estate financing; and new board chairman Al Hatfield. Mr. Hatfield was previously head of mergers and acquisitions at General Mills, CEO of a housing supplies distribution company sold to North America’s largest building materials company, served in the Marine Corps and is president of a bank holding company in Minnesota. Current Community State Bank CEO David Bridgeman will remain in that role and on the board. Attorney Eric Smith, a former member of the Florida House of Representatives and former president of the Jacksonville City Council, also remains on the board.
The bank is set to benefit in the future from DLP Bancshares’ affiliation with DLP Capital, potentially offering banking services to the latter’s base of more than 2,250 investors nationwide and more than 200 relationships. with real estate operators.
Community State Bank offers a full suite of banking services, including consumer and business loans, residential and commercial real estate loans, small business administration loans, a full suite of deposit products, in addition to credit cards, payroll services, cash management services and other products that meet the needs of the bank’s growing customer base.
Thomas G. Rudkin, principal at DD&F Consulting Group, initiated and helped negotiate the transaction. Scott A. Coleman of Ballard Spahr LLP served as legal counsel and The Kafafian Group provided investment advisory services to DLP Bancshares.
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