Mergers & Acquisitions

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Deal Overview

Buyer:
CenterState Bank Corporation
Actual Acquirer:
CenterState Bank Corporation
Target:
HCBF Holding Company, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
8/12/2017
Announcement Date:
8/14/2017
Announced Deal Value ($ M):
417.52
Status:
Completed
Completion Date:
1/1/2018
Announced Deal Value Per Share ($ )
18.08

Consideration Breakout
Cash ($M) 42.8
Common Stock ($M) 385.9
Common Stock Issued 15,051,880

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 186.98 169.33
Price / Tangible Book (%) 209.18 199.69
Price / Earnings (x) 55.93 NM
Price / Deposits (%) 26.53 25.64
Price / Assets (%) 22.13 20.49
Tangible Book Premium/ Deposits (%) 14.58 14.96
Deal Terms
Description of Consideration

CenterState Bank Corp. paid $1.925 in cash and exchanged 0.675 shares of its common stock for each of the outstanding share of HCBF Holding Co. Inc. CenterState Bank Corp. also assumed approximately $8.3 million of HCBF Holding Co. Inc.'s trust preferred securities.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 233,321
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 18,998
Est. Restructuring Charges ($ 000) 15,723
Maximum Termination Fee ($ 000) 16,670
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.675000
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) 23,625
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 Alston & Bird LLP
Seller Yes Skadden Arps Slate Meagher