Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
CenterState Banks of Florida
Actual Acquirer:
CenterState Banks of Florida
Target:
CenterState Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
4/16/2002
Announcement Date:
4/16/2002
Announced Deal Value ($ M):
13.90
Status:
Completed
Completion Date:
12/31/2002
Announced Deal Value Per Share ($ )
13.53

Consideration Breakout
Cash ($M) 2.5
Common Stock ($M) 10.7
Common Stock Issued 590,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 152.28 150.51
Price / Tangible Book (%) 152.28 150.51
Price / Earnings (x) NM NM
Price / Deposits (%) 37.98 23.01
Price / Assets (%) 27.75 19.53
Tangible Book Premium/ Deposits (%) 18.86 9.38
Deal Terms
Description of Consideration

Centerstate Banks of Florida paid $2.40 in cash and issued 0.53631 share of common stock for each share of CenterState Bank outstanding.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 3,674
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 140
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) 0.536300
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 568
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Allen C. Ewing & Co.
Seller Yes Carson Medlin Co.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Smith Mackinnon PA