Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks of Florida, Inc.
Actual Acquirer:
CenterState Banks of Florida, Inc.
Target:
CenterState Bank Mid Florida
Deal Type:
Bank & Thrift Company
Agreement Date:
9/30/2005
Announcement Date:
8/30/2005
Announced Deal Value ($ M):
14.94
Status:
Completed
Completion Date:
3/31/2006
Announced Deal Value Per Share ($ )
14.50

Consideration Breakout
Cash ($M) 4.4
Common Stock ($M) 10.6
Common Stock Issued 298,544

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 166.47 166.10
Price / Tangible Book (%) 192.23 190.42
Price / Earnings (x) NM NM
Price / Deposits (%) 25.36 25.17
Price / Assets (%) 21.98 21.83
Tangible Book Premium/ Deposits (%) 15.71 16.12
Deal Terms
Description of Consideration

CenterState Banks of Florida paid $4.35 in cash and $10.15 in stock for each share of CenterState Bank Mid Florida. Seller options were converted into CenterState Banks of Florida options.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 5,188
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 279
Maximum Termination Fee ($ 000) NA
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 3,118
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 Bogin Munns & Munns