CenterState Banks in Davenport, Fla., has agreed to buy Platinum Bank Holding Company in Brandon, Fla., in a $83.9 million cash-and-stock deal.
The $5 billion-asset CenterState said in a press release Tuesday that Platinum's shareholders would receive 3.7832 shares of CenterState stock and $7.60 in cash consideration for each share of Platinum stock.
The deal values each Platinum share at $74.83, based on CenterState's closing price of $17.77 on Oct. 17.
The $594 million-asset Platinum has seven branches in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven metropolitan statistical areas.
The transaction is expected to close early in the second quarter. Raymond James and Smith Mackinnon advised CenterState; Hovde Group and Shutts & Brown advised Platinum Bank.
"With a larger footprint and product mix, our team will be able to build on the success of the past and provide a greater level of service to our customers," Jerry Kyle, president and chief executive of Platinum, said in the release.
It has been a year since CenterState announced it back-to-back deals in Homestead, Fla. The company closed the acquisitions of the $495 million-asset Community Bank of South Florida and the $346 million-asset Hometown of Homestead Banking Co., in March. It paid $66.5 million and $18.4 million respectively for those banks.
CenterState on Tuesday also reported that third-quarter earnings rose 55% from the same period last year to $15.4 million, or 32 cents per share.
Non-interest income jumped 92% to $15.6 million due to income in the banking and capital markets division, service charges on deposit accounts, and bank card-related fees. Net interest income rose 18.2% to $45.3 million. Non-interest expense rose 17.8% to $36.3 million.
