Andrew Samuel is repeating a part of the banking life cycle he knows well: He’s getting ready to sell.
Samuel is president and CEO of Sunshine Bancorp, a Florida bank holding company with about $1 billion in assets and 18 branches. By early 2018, Sunshine will have a new owner, CenterState Banks Inc., also of Florida.
Samuel has been through this dance before. The former Dillsburg resident was CEO of Graystone Financial Corp. and Tower Bancorp before Susquehanna Bancshares bought Tower in 2012.
He went on to lead Susquehanna’s subsidiary bank and was next in line to lead the parent company when he left for Florida in 2014 to become CEO of Sunshine Bancorp. (BB&T bought Susquehanna the following year.)
Samuel does not plan to stay with Sunshine under the new ownership. Neither does Brent Smith, one of several former Susquehanna/Graystone bankers who went on to join Samuel in working for the Florida bank.
Could that mean Central Pennsylvania’s banking scene will regain some of its former players? Samuel is at least considering the option of a return.
“The Central Pennsylvania marketplace is home,” Samuel said. “I wouldn’t be surprised if Brent and I end up doing something there.”
For now, Samuel said he is focusing on finishing Sunshine’s sale to CenterState, which is expected to close in the first quarter of 2018. The transaction will make CenterState a $10 billion-asset company and, according to its promotional materials, the largest community bank in Florida.
Samuel will have to abide by a non-compete agreement in Florida after the sale but will be free to pursue projects in other states, he said. It’s too early to say what that might look like – although he and Smith have no intention of just blending into the woodwork.
“We tend to be more entrepreneurs and like to create more than pushing papers on a desk,” Samuel said.
Other former midstate bankers find careers in Virginia
Sunshine isn’t the only out-of-state bank to have attracted bankers from the midstate.
Old Dominion Bank in Virginia named Howard Stein its COO earlier this month. Stein once served as Graystone Tower Bank’s chief information officer and director of operations.
The bank also named one-time Harrisburg-area banker Lauren Kohr, formerly of Metro Bank, its chief risk officer.
Old Dominion, based in Tysons Corner, has about $125 million in assets and is led by yet another Harrisburg expat: former Tower Bancorp CFO Mark Merrill.