Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks, Inc.
Actual Acquirer:
CenterState Banks, Inc.
Target:
Hometown of Homestead Banking Company
Deal Type:
Bank & Thrift Company
Agreement Date:
10/27/2015
Announcement Date:
10/27/2015
Announced Deal Value ($ M):
18.42
Status:
Completed
Completion Date:
3/1/2016
Announced Deal Value Per Share ($ )
1.25

Consideration Breakout
Cash ($M) 18.2

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 117.37 106.51
Price / Tangible Book (%) 117.37 106.51
Price / Earnings (x) 11.30 16.82
Price / Deposits (%) 6.51 6.90
Price / Assets (%) 5.31 5.57
Tangible Book Premium/ Deposits (%) 1.07 0.47
Deal Terms
Description of Consideration

CenterState Banks Inc. paid $1.25 per share in cash for each outstanding share of Hometown of Homestead Banking Co. CenterState Banks Inc. also assumed Homestead Banking Co.’s approximately $16.495 million of trust preferred securities at closing. Target financials are for 1st National Bank of South Florida.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 3,898
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 5,102
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 900
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
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) 2,598
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Buckley LLP