Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Bank Corporation
Actual Acquirer:
CenterState Bank Corporation
Target:
National Commerce Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
11/23/2018
Announcement Date:
11/26/2018
Announced Deal Value ($ M):
843.10
Status:
Completed
Completion Date:
4/1/2019
Announced Deal Value Per Share ($ )
40.01

Consideration Breakout
Common Stock ($M) 827.8
Common Stock Issued 34,667,970

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 122.01 118.32
Price / Tangible Book (%) 202.56 193.65
Price / Earnings (x) 22.35 17.78
Price / Deposits (%) 25.31 24.12
Price / Assets (%) 20.55 19.68
Tangible Book Premium/ Deposits (%) 14.83 13.42
Deal Terms
Description of Consideration

CenterState Bank Corp. exchanged 1.65 shares of its common stock for each of the outstanding share of National Commerce Corp.

Accounting Method Acquisition
In-State Transaction? No
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 401,537
Estimated Cost Savings (%) 25.00
Estimated Cost Savings ($ 000) 21,905
Est. Restructuring Charges ($ 000) 31,463
Maximum Termination Fee ($ 000) 31,800
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 1.650000
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) 39,900
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Nelson Mullins Riley
Seller Yes Maynard Cooper & Gale P.C.