CenterState Banks Inc. in Winter Haven, Fla., said it has received approval to consolidate three of its subsidiary banks into a single charter.
The $1.8 billion-asset company will merge CenterState Bank Central Florida in Kissimmee and CenterState Bank in Zephyrhills into its main subsidiary, the $944 million-asset CenterState Bank of Florida.
The move will allow CenterState to manage its capital more effectively and cut compliance costs, chief executive Ernie Pinner said in a press release Friday. Pinner also said CenterState has no plans to reduce staff, since it recently acquired four failed banks and has agreed to buy four branches in Putnam County, Fla.
John Corbett, the president of CenterState Bank of Florida, will be the president and CEO of the combined bank, while the presidents of the other subsidiaries will oversee their existing markets as area presidents.
A fourth subsidiary, the $208 million-asset Valrico State Bank, will continue to operate as a separate unit, yet may be merged at a later date, the company said.