CenterState Bank to Acquire First Southern Bancorp

CenterStateBLogoTagHorizDAVENPORT, FL., January 29, 2014 – CenterState Banks, Inc. (NASDAQ –  GS: CSFL) announced today the signing of a definitive merger agreement under which CenterState will acquire First Southern Bancorp, Inc. the parent company of First Southern Bank. Upon completion of the holding company merger, First Southern Bank will be merged with and into CenterState Bank of Florida, NA.

First Southern Bank, which is headquartered in Boca Raton, Florida, currently operates 17 banking locations in the Orlando, Jacksonville, and West Palm Beach-Fort Lauderdale MSAs. As of December 31, 2013, First Southern reported assets of $1.1 billion, loans of $635 million and deposits of $883 million. “First Southern Bank is a complementary fit into our company as we have a significant presence in Jacksonville and Orlando”, said Ernie Pinner, Chairman, President, & CEO of CenterState Banks, Inc. “First Southern also provides a natural further extension of our Gulfstream Business Bank acquisition into the attractive markets of both Palm Beach and Broward counties.”

Upon completion of the acquisition, the combined company will have approximately $4.0 billion in assets, $2.5 billion in loans and $3.4 billion in deposits. This transaction represents a strategic and financially attractive combination of both companies’ shareholders with day?one tangible book value accretion and significant earnings per share accretion. After the completion of this transaction, CenterState will be one of the largest Florida- based community banks. “First Southern Bank leverages our existing in-market leadership and infrastructure in these strategic Florida markets,” said John Corbett, President & CEO of CenterState Bank of Florida. “We are pleased to welcome First Southern’s customers and employees to CenterState. “

The merger agreement has been unanimously approved by the boards of directors of each company.The transaction is expected to close in the third quarter of 2014 and is subject to customary conditions, including both regulatory approvals and shareholder approval by both CenterState and First Southern shareholders. Subject to the terms of the merger agreement, First Southern shareholders will receive .30 shares of CenterState’s common stock and $3.00 in cash for each share of First Southern’s common stock, which equates to a deal value of $6.00 per share based on CSFL’s closing stock price on January 29, 2014 of $10.00. Based on CSFL’s closing stock price on January 29, 2014 of $10.00, the aggregate deal value is $189.5 million.

 

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2 Responses to CenterState Bank to Acquire First Southern Bancorp

  1. Testament to the vision of Ernie Pinner and his Executive Team.

  2. The best group of people in Florida are at CenterState Bank. Congratulations to First Southern for joining the great team at CenterState Bank.

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