Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Banks, Inc.
Actual Acquirer:
CenterState Banks, Inc.
Target:
Gateway Financial Holdings of Florida, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/30/2016
Announcement Date:
11/30/2016
Announced Deal Value ($ M):
142.59
Status:
Completed
Completion Date:
5/1/2017
Announced Deal Value Per Share ($ )
20.34

Consideration Breakout
Cash ($M) 34.4
Common Stock ($M) 107.0
Common Stock Issued 4,244,441

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 163.69 190.18
Price / Tangible Book (%) 163.69 191.40
Price / Earnings (x) 23.75 22.72
Price / Deposits (%) 19.74 20.84
Price / Assets (%) 16.21 17.47
Tangible Book Premium/ Deposits (%) 8.67 11.21
Deal Terms
Description of Consideration

CenterState Banks Inc. paid $18 per share in cash or exchanged 0.95 shares of its common stock for each outstanding share of Gateway Financial Holdings of Florida Inc., subject to 30% of the consideration being paid in cash. As a result of this transaction, Gateway Financial Holdings of Florida Inc. redeemed all of its issued and outstanding shares of Series B Preferred Stock for approximately $2.596 million.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 77,826
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 6,973
Est. Restructuring Charges ($ 000) 7,692
Maximum Termination Fee ($ 000) 6,100
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.950000
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) 8,432
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Keefe Bruyette & Woods Inc.
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Smith Mackinnon PA
Seller Yes Gunster Yoakley & Stewart PA