LAKE WALES, FL – Citizens Bank & Trust announced today that an agreement is in place with Hillsboro Bank to acquire its Valrico and Dade City offices. The offices are located in Hillsborough and Pasco Counties, respectively. This move will represent the first expansion outside Polk County, Florida for Citizens Bank & Trust.
“For over one hundred years, Citizens Bank & Trust has proudly served the residents of Polk County,” said Greg Littleton, President and CEO of Citizens Bank & Trust. “As a family-owned bank with a long and rich history, we share Hillsboro Bank’s culture of providing exceptional customer service. We look forward to welcoming these Hillsboro Bank customers to the Citizens Bank & Trust family and developing new business and personal relationships within both communities.”
Hillsboro Bank customers were previously notified of the pending acquisition.
Under the terms of the agreement, Citizens Bank & Trust will obtain property and deposits at both locations. The sale is expected to be finalized in mid-October, subject to regulatory approval.
Citizens Bank & Trust is a wholly-owned subsidiary of Citizens Banking Corporation, a one-bank holding company located in Frostproof, Florida. Citizens Bank & Trust operates 14 full-service offices throughout Polk County and proudly offers a full line of banking services, including residential and commercial loans, mortgages, investments, and trust services.
The Citizens Bank of Frostproof, as the bank was originally known, was established in 1920. In 1998, Citizens Bank successfully expanded into the community of Lake Wales, and added an office in Haines City shortly thereafter. In 2004, Citizens Bank purchased the Lake Wales-based American Bank & Trust, which included a trust department. The bank name was changed to Citizens Bank & Trust, and the bank has strategically grown to the current 14-office network and over $1 billion in assets.
About Hillsboro Bank:
Hillsboro Bank, is a state-chartered commercial bank, founded in 1998 and headquartered in Plant City, Florida. The bank’s primary business focus is commercial lending.