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CenterState Banks (CSFL) in Davenport, Fla.., is looking to slim down after spending much of the last three years bulking up through acquisitions.
March 27 -
CenterState Bank in Winter Haven, Fla., bought a failed bank Friday. John Corbett, the head of CenterState, hired the target's new CEO months ago. He has used that philosophy several times to expand — and doesn't plan to stop there.
January 31 -
CenterState Banks Inc. posted its first quarterly profit since mid-2011 because of bank acquisitions.
January 30 -
CenterState Banks Inc. in Davenport, Fla., has sold off a chunk of nonperforming loans in a deal that it says would free up capital that it could use for future expansion.
June 29
CenterState Banks (CSFL) in Davenport, Fla., is planning to merge its two subsidiary banks into a single bank as part of its ongoing effort to trim overhead and improve efficiency following its recent string of acquisitions.
Its chairman, president and chief executive, Ernest S. Pinner, said in an interview this week with the
CenterState has roughly quadrupled its assets, to $2.5 billion, over the last three years with its acquisitions of seven banks, including six failed banks. That rapid growth has significantly added to its expense base, and now Pinner says the company needs to cut costs where it can. It
Still, Pinner has no intention of slowing CenterState's growth. He believes community banks need scale to be able to compete with large and regional banks and his vision is to build CenterState into a $5 billion-asset company within three to five years .
"It's going to be very hard for a community bank that is not at least $500 million in size to be able to survive financially over the next few years," he said in the interview. "When you consider there are new costs being forced on us for compliance reasons, it is just going to be financially unrewarding to be a small bank."
