CenterState Banks, Inc. (NASDAQ GS: CSFL) announced today theÂ signing of a definitive merger agreement under which CenterState will acquire Gulfstream Bancshares,Â Inc. the parent company of Gulfstream Business Bank. Upon completion of the holding companyÂ merger, Gulfstream Business Bank will be merged with and into CenterState Bank of Florida, NA.
Gulfstream, which is headquartered in Stuart, Florida, currently operates 4 banking locations alongÂ Floridaâ€™s Treasure Coast which include Stuart, Port St. Lucie, Jupiter, and Delray Beach. As of June 30,Â 2013, Gulfstream reported assets of $572 million, loans of $368 million and deposits of $486 million.Â “Gulfstreamâ€™s management, Board of Directors, and entire team share our culture and customer-focusedÂ approach, and we are pleased to welcome them, their customers and their shareholders toÂ CenterState,” said Ernie Pinner, Chairman, President, & CEO of CenterState Banks, Inc.
Upon completion of the acquisition, the combined company will have approximately $2.9 billion inÂ assets, $1.8 billion in loans and $2.5 billion in deposits, with a branch network of 59 banking locations.Â After the completion of this transaction,Â CenterState will be one of the largest Florida-based community banks.