Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Bank Corporation
Actual Acquirer:
CenterState Bank Corporation
Target:
Charter Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
4/24/2018
Announcement Date:
4/24/2018
Announced Deal Value ($ M):
345.19
Status:
Completed
Completion Date:
9/1/2018
Announced Deal Value Per Share ($ )
22.62

Consideration Breakout
Cash ($M) 35.1
Common Stock ($M) 344.9
Common Stock Issued 11,424,810

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 156.86 169.33
Price / Tangible Book (%) 195.11 208.80
Price / Earnings (x) 24.85 22.63
Price / Deposits (%) 25.68 28.84
Price / Assets (%) 21.00 23.37
Tangible Book Premium/ Deposits (%) 15.09 17.80
Deal Terms
Description of Consideration

CenterState Bank Corp. paid $2.30 in cash and exchanged 0.738 shares of its common stock for each of the outstanding share of Charter Financial Corp. CenterState Bank Corp. assumed $9 million of Charter Financial Corp's trust preferred securities.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 197,648
Estimated Cost Savings (%) 30.00
Estimated Cost Savings ($ 000) 13,769
Est. Restructuring Charges ($ 000) 23,924
Maximum Termination Fee ($ 000) 14,486
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.738000
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) 19,795
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Stephens Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Nelson Mullins Riley
Seller Yes Alston & Bird LLP