Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks of Florida, Inc.
Actual Acquirer:
CenterState Banks of Florida, Inc.
Target:
Valrico Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/14/2006
Announcement Date:
11/14/2006
Announced Deal Value ($ M):
40.43
Status:
Completed
Completion Date:
4/2/2007
Announced Deal Value Per Share ($ )
110.38

Consideration Breakout
Cash ($M) 12.7
Common Stock ($M) 22.9

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 260.89 223.27
Price / Tangible Book (%) 260.89 223.27
Price / Earnings (x) 19.83 12.54
Price / Deposits (%) 32.30 29.67
Price / Assets (%) 26.93 24.05
Tangible Book Premium/ Deposits (%) 23.19 19.33
Deal Terms
Description of Consideration

Centerstate Banks of FL Inc. paid $105.06 in cash or issued 5.25 shares for each share of Valrico Bancorp Inc., subject to 65% of consideration being paid in stock. Seller options were exchanged for cash. Target financials are for Valrico State Bank.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 18,256
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 3,200
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 5.250000
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) 2,484
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Hovde Financial Inc.
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Shumaker Loop & Kendrick LLP