-
CenterState will pay $77 million in cash and stock for Gulfstream, which focuses on small businesses and medical practices.
July 30 -
The Florida bank says that after a string of troubled-bank acquisitions that brought it lots of short-term benefits, it is turning to deals like its agreement for Gulfstream that will juice earnings over the long haul.
July 30 -
A number of banking company closed branches during the second quarter, and even more have announced plans to follow suit. Over the past 12 months, there was a net loss of about 770 branch offices nationwide as banks aim to cut costs in the face of depressed interest rates and low loan demand.
July 30
CenterState Banks (CSFL) in Davenport, Fla., plans to close 13% of its branches and fire 57 employees.
The $2.4 billion-asset company said it plans to close seven branches and a drive-through facility by mid-April. It will use two of the branches as loan-production offices and sell the remaining five. The changes are part of an effort to shave $6 million in annual operating expenses, the company
The 57 employees will lose their jobs because of the branch closings and other cost-cutting measures, the filing said.
CenterState also plans to restructure its credit administration and portfolio management divisions, along with residential lending and retail staffing. The company will take other steps to reduce costs by cutting back on health care and communications expenses and making changes to its wealth management and correspondent units.
The company announced the branch closings and layoffs after a disappointing fourth quarter where earnings fell 18% from a year earlier, to $1.8 million.
CenterState said it will record a $2.8 million charge in the first quarter tied to the cost-cutting measures.
The company completed its $76.9 million
