Mergers & Acquisitions

Return to Mergers & Acquisitions

Deal Overview

Buyer:
CenterState Banks, Inc.
Actual Acquirer:
CenterState Banks, Inc.
Target:
Community Bank of South Florida, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
10/5/2015
Announcement Date:
10/5/2015
Announced Deal Value ($ M):
66.56
Status:
Completed
Completion Date:
3/1/2016
Announced Deal Value Per Share ($ )
13.37

Consideration Breakout
Cash ($M) 33.1
Common Stock ($M) 31.9
Common Stock Issued 2,276,042

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 143.91 142.85
Price / Tangible Book (%) 143.91 142.85
Price / Earnings (x) 25.40 31.56
Price / Deposits (%) 15.21 14.88
Price / Assets (%) 13.68 13.41
Tangible Book Premium/ Deposits (%) 6.03 5.74
Deal Terms
Description of Consideration

CenterState Banks Inc. paid $13.31 in cash or exchanged 0.9148 shares of its common stock for each outstanding share of Community Bank of South Florida Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 25,391
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 6,601
Est. Restructuring Charges ($ 000) 10,000
Maximum Termination Fee ($ 000) 2,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.914800
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) 3,684
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Truist Securities Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Hunton Andrews Kurth LLP