CenterState Banks Inc. is merging three of its national banking subsidiaries in Florida by the end of the year, according to a filing with the Securities and Exchange Commission.
The $1.8 billion-asset bank holding company in Davenport, Fla., said in the filing Tuesday that it was consolidating the subsidiaries primarily to reduce costs and help its capital management process.
The merger plan, dated Sept. 3, follows two failed-bank deals by one of its subsidiaries, CenterState Bank of Florida in Winter Haven, on Aug. 20.
The company will merge CenterState Bank Central Florida in Kissimmee and CenterState Bank in Zephyrhills into CenterState Bank of Florida, the largest of the three with $944 million of assets.
The standing national bank was the subsidiary that recently acquired the failed Independent National Bank in Ocala and Community National Bank in Bartow.