CenterState Bank is merging with South Carolina’s South State Bank, creating the 8th Largest Bank Headquartered in the Southeast.
The combined bank, which will operate as South State Bank, will be headquartered in Winter Haven with $34 billion in assets and $26 billion in deposits. The bank will serve 18 markets in six states. The bank will also maintain a significant presence in Columbia and Charleston, South Carolina; Charlotte, North Carolina; and Atlanta, Georgia. The new bank will trade under the South State ticker symbol SSB on the Nasdaq.
CenterState shareholders will own approximately 53 percent of the merged company, and South State shareholders will own approximately 47 percent. The executive team of the merged bank will include three members from each legacy company.
“From CenterState, Will Matthews will be chief financial officer; Steve Young is chief strategy officer; Richard Murray is president. From South State, Renee Brooks is chief operating officer; Greg Lapointe is chief banking officer; John Pollok is senior executive vice president and a board member. “
“We have known and admired Robert and his team for over a decade, and we believe our two organizations are an outstanding fit,” Corbett said in a statement. “Combining these two high-performing teams will allow us to build an even stronger company together.” – Attributed from CenterState Company Release
CenterState also reports how both organizations will benefit from the merger.
- Enhanced Scale to Drive Growth and Improve Profitability: The pro forma organization, with approximately $34 billion in assets and $26 billion in deposits, combines two high-quality companies with comparable credit and management philosophies.
- Strengthens Both Companies: This merger combines two highly respected management teams operating complementary business lines. It also diversifies the geographies of each company into a contiguous six-state footprint, spanning from Florida to Virginia.
- Combines Two Strong Core Deposit Franchises and High-Quality Loan Portfolios: The combined company will benefit from the combination of two low-cost core-funded deposit bases and high-quality loan portfolios, providing a stable source of funds and customers.
- High-Growth Markets: The organization will have locations in 10 of the 15 fastest growing Metropolitan Statistical Areas (MSAs) in the Southeast and will have a pro forma deposit-weighted population growth of 6%. The combined company will have a presence in seven of the ten most populous markets in the Southeast.
- Experienced and Compatible Management Teams: The management teams of the two companies have extensive experience and operate with very similar philosophies and values. Each management team has successfully completed numerous mergers and acquisitions and the subsequent integrations of systems and teams.
For more details, visit centerstatebank.com.