Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks, Inc.
Actual Acquirer:
CenterState Banks, Inc.
Target:
Gulfstream Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
7/29/2013
Announcement Date:
7/30/2013
Announced Deal Value ($ M):
77.76
Status:
Completed
Completion Date:
1/17/2014
Announced Deal Value Per Share ($ )
43.32

Consideration Breakout
Cash ($M) 25.2
Common Stock ($M) 53.1
Common Stock Issued 5,195,541

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 150.3 154.7
Price / Tangible Book (%) 150.3 154.7
Price / Earnings (x) 16.5 16.9
Price / Deposits (%) 16.00 17.34
Price / Assets (%) 13.59 14.54
Tangible Book Premium/ Deposits (%) 6.13 7.03
Deal Terms
Description of Consideration

CenterState Banks Inc. paid $14.65 in cash and issued 3.012 shares of its common stock for each outstanding share of Gulfstream Bancshares Inc. In addition, CenterState Banks Inc. also assumed $10.31 million of trust preferred securities and accompanying junior subordinated debentures of Gulfstream Bancshares Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 31,516
Estimated Cost Savings (%) 22.00
Estimated Cost Savings ($ 000) 2,600
Est. Restructuring Charges ($ 000) 8,154
Maximum Termination Fee ($ 000) 3,750
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.012000
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) 4,173
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Shutts & Bowen LLP