Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks, Inc.
Actual Acquirer:
CenterState Banks, Inc.
Target:
Platinum Bank Holding Company
Deal Type:
Bank & Thrift Company
Agreement Date:
10/17/2016
Announcement Date:
10/18/2016
Announced Deal Value ($ M):
83.94
Status:
Completed
Completion Date:
4/1/2017
Announced Deal Value Per Share ($ )
74.83

Consideration Breakout
Cash ($M) 8.4
Common Stock ($M) 108.9
Common Stock Issued 4,279,255

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 176.99 243.89
Price / Tangible Book (%) 176.99 243.89
Price / Earnings (x) 22.17 28.18
Price / Deposits (%) 16.96 22.77
Price / Assets (%) 14.38 19.49
Tangible Book Premium/ Deposits (%) 10.13 17.61
Deal Terms
Description of Consideration

CenterState Banks Inc. paid $7.60 per share in cash and exchanged 3.7832 shares of its common stock to acquire each outstanding share of Platinum Bank Holding Co. Additionally, all in the money outstanding stock options were cashed out, which is expected to total aggregate additional cash payments of approximately $791,000. Target's financials are for Platinum Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 73,829
Estimated Cost Savings (%) 40.00
Estimated Cost Savings ($ 000) 5,596
Est. Restructuring Charges ($ 000) 5,692
Maximum Termination Fee ($ 000) 4,100
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 3.783200
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) 3,992
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