CenterState Banks in Davenport, Fla., has agreed to buy Gateway Financial Holdings of Florida in Daytona Beach.

The $5 billion-asset CenterState said in a press release Wednesday that it will pay $132 million, or $19.06 a share, for the $880 million-asset parent of Gateway Bank of Florida, Gateway Bank of Southwest Florida and Gateway Bank of Central Florida. The cash-and-stock deal, which is expected to close in the second quarter, values Gateway at 148% of its tangible book value.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.