-
C1 Financial in St. Petersburg, Fla., is reportedly looking to sell itself.
October 5 -
CenterState Banks in Davenport, Fla., has a new president and chief executive.
July 21 -
Regulators have entered into a consent order with the banking subsidiary of Community Bank of South Florida that requires the Homestead, Fla., bank to raise capital ratios.
April 2
CenterState Banks in Davenport, Fla., has agreed to buy Community Bank of South Florida in Homestead.
The $3.9 billion-asset CenterState said in a press release Monday that it will pay nearly $67 million, or $13.31 a share, in cash and stock for the $495 million-asset Community Bank. The deal, which values Community Bank at 145% of its tangible book value, is expected to close in the first quarter.
CenterState plans to cut 35% of the seller’s expenses, while incurring about $6.5 million in after-tax merger-related costs. The company said it expects “high single-digit EPS accretion” once its cost-cutting is complete. It should take less than four years to earn back the deal’s less than 4% dilution of CenterState’s tangible book value.
"Community Bank is a complementary fit into our company as we have a significant presence in the Lakeland and Winter Haven markets," Ernie Pinner, CenterState's chairman, said in the release. "Community Bank also provides a natural extension of our acquisitions of First Southern Bank and Gulfstream Business Bank, expanding further down the southeastern Florida coast."
Keefe, Bruyette & Woods and Smith Mackinnon advised CenterState. SunTrust Robinson Humphrey and Hunton & Williams advised Community Bank.
Paul Davis contributed to this report.
