Two of the Greater Winter Haven Chamber of Commerce's super-star supporters are joining forces! On October 17 the board's of CenterState Bank and Platinum Bank announced the merger.
Official press release below:
CenterState Banks, Inc. (Nasdaq-GS: CSFL) announced today the signing of a definitive merger agreement under which CenterState will acquire Platinum Bank Holding Company (“PBHC”), the parent company of Platinum Bank ( “Platinum”).
Platinum, which is headquartered in Brandon, Florida, currently operates 7 banking locations in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven MSAs. As of September 30, 2016, Platinum reported assets of $584 million, gross loans of $452 million and deposits of $495 million.
As of September 30, 2016, the combined company would have approximately $5.6 billion in assets, $3.7 billion in loans and $4.5 billion in deposits, and the acquisition expands and strengthens CenterState’s presence in key Florida markets. Pro forma for the transaction, CenterState will have #1 market share in the Lakeland-Winter Haven MSA, #2 market share in the state of Florida, and #3 market share in the Tampa-St. Petersburg MSA among Florida-based community banks.
John Corbett, President & Chief Executive Officer of CenterState, remarked, “We are delighted to announce this partnership with Platinum Bank. We want to extend a warm welcome to Platinum's employees and customers, and we look forward to continuing their tradition of service in Polk, Hillsborough, and Pinellas counties.”
The merger agreement has been unanimously approved by the boards of directors of each company. The transaction is expected to close early in the second quarter of 2017 and is subject to customary conditions, including both regulatory approvals and PBHC shareholder approval. Subject to the terms of the merger agreement, PBHC shareholders will each receive 3.7832 shares of CSFL common stock and $7.60 in cash consideration for each outstanding share of PBHC. Based on the CSFL closing price of $17.77 on October 17, 2016, this equates to a per share value of $74.83 per share and an aggregate deal value of $83.9 million.
Jerry Kyle, President & Chief Executive Officer of Platinum, stated, “We have known the team at CenterState for many years and are excited to merge with a high performing community bank that shares our values and customer centric culture. With a larger footprint and product mix, our team will be able to build on the success of the past and provide a greater level of service to our customers.”