Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Bank Corporation
Actual Acquirer:
CenterState Bank Corporation
Target:
Sunshine Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/12/2017
Announcement Date:
8/14/2017
Announced Deal Value ($ M):
178.72
Status:
Completed
Completion Date:
1/1/2018
Announced Deal Value Per Share ($ )
21.30

Consideration Breakout
Common Stock ($M) 185.7
Common Stock Issued 7,050,645

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 146.64 155.40
Price / Tangible Book (%) 181.07 191.03
Price / Earnings (x) 54.61 42.41
Price / Deposits (%) 23.03 25.75
Price / Assets (%) 18.70 20.44
Tangible Book Premium/ Deposits (%) 12.90 15.10
Deal Terms
Description of Consideration

CenterState Bank Corp. exchanged 0.89 shares of its common stock for each outstanding share of Sunshine Bancorp Inc. CenterState Bank Corp. also assumed Subordinated notes of Sunshine Bancorp Inc.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 114,228
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 11,124
Est. Restructuring Charges ($ 000) 12,369
Maximum Termination Fee ($ 000) 7,068
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.890000
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) 8,525
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 Luse Gorman PC