Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks, Inc.
Actual Acquirer:
CenterState Banks, Inc.
Target:
First Southern Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
1/29/2014
Announcement Date:
1/29/2014
Announced Deal Value ($ M):
190.37
Status:
Completed
Completion Date:
6/1/2014
Announced Deal Value Per Share ($ )
6.01

Consideration Breakout
Cash ($M) 95.0
Common Stock ($M) 100.9
Common Stock Issued 9,476,045

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 71.59 97.82
Price / Tangible Book (%) 83.81 111.25
Price / Earnings (x) NM 58.49
Price / Deposits (%) 21.57 22.23
Price / Assets (%) 17.41 18.06
Tangible Book Premium/ Deposits (%) 6.40 2.52
Deal Terms
Description of Consideration

CenterState Banks Inc. paid $3.00 in cash and exchanged 0.30 shares of its common stock for each outstanding share of First Southern Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 299
Estimated Cost Savings (%) 46.00
Estimated Cost Savings ($ 000) 16,000
Est. Restructuring Charges ($ 000) 6,178
Maximum Termination Fee ($ 000) 9,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.300000
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) 7,396
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sterne Agee & Leach Inc.
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Wachtell Lipton Rosen & Katz