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Southern State and Center State to mix in Merger of Equals to generate Southeast Regional that is leading Bank - Manifesto

Manifesto

Southern State and Center State to mix in Merger of Equals to generate Southeast Regional that is leading Bank

Combined Company Positioned become a higher Performance standard bank with roughly $34 Billion in Assets Serving 18 High development areas in six states that are southeastern

Merger produces the 8th premier Bank Headquartered into the Southeast

Economically Compelling Blend for Both Businesses’ Shareholders

Combines Two Low-Cost Deposit Bases with Over One Million Customers and a Well placed Branch system from Florida through Virginia

COLD TEMPERATURES HAVEN, Fla. & COLUMBIA, S.C. –(BUSINESS WIRE)– CenterState Bank Corporation (NASDAQ: CSFL) (“CenterState”), the parent business of CenterState Bank, and Southern State Corporation (NASDAQ: SSB) (“South State”), the moms and dad business of Southern State Bank, jointly established today they own entered in to a definitive contract under that the organizations will combine in a all-stock merger of equals with an overall total market worth of about $6 billion to create a number one Southeastern-based local bank.

(L-R) Robert R. Hill, Jr., Southern State Corporation CEO, and John C. Corbett, CEO of CenterState Bank, have actually announced a merger of equals to create a prominent Southeast local bank. (picture: company Wire)
beneath the regards to the merger contract, that has been unanimously authorized because of the panels of Directors of both organizations, CenterState investors will get 0.3001 shares of Southern State stock that is common each share of CenterState typical stock they have. CenterState investors will obtain about 53% and Southern State checksmart near me investors will have about 47% associated with the combined business.

The combined business shall run beneath the South State Bank title and certainly will trade underneath the Southern State ticker icon SSB in the Nasdaq currency markets. The business will undoubtedly be headquartered in Winter Haven, Florida and certainly will keep an important existence in Columbia and Charleston, sc; Charlotte, new york; and Atlanta, Georgia.

Robert R. Hill, Jr., CEO of Southern State, will act as Executive Chairman of this combined company. John C. Corbett, CEO of CenterState, will likely be CEO associated with the combined company. The Board of Directors for the combined business will contain sixteen directors evenly split involving the two legacy organizations.

“We are excited to partner with CenterState, ” said Robert R. Hill, Jr. “We have actually great respect for John, the administration group while the company CenterState has generated. This might be an excellent mixture of countries, that may create value that is tremendous our investors. ”

“We have actually known and admired Robert along with his group for over a ten years, and now we think our two companies are a fit that is outstanding” said John C. Corbett, CEO of CenterState. “Combining both of these teams that are high-performing let us build a straight more powerful business together. ”

Strategically Compelling both for Businesses

  • Improved Scale to operate a vehicle Growth and Improve Profitability: The pro forma company, with more or less $34 billion in assets and $26 billion in deposits, combines two top-quality companies with comparable credit and administration philosophies.
  • Strengthens Both organizations: This merger combines two highly respected administration teams running business that is complementary. Additionally diversifies the geographies of each and every business as a contiguous footprint that is six-state spanning from Florida to Virginia.
  • Combines Two Strong Core Deposit Franchises and High-Quality Loan Portfolios: The combined business will gain through the mixture of two low-cost core-funded deposit bases and top-notch loan portfolios, supplying a reliable supply of funds and clients.
  • High-Growth areas: the corporation could have areas in 10 of this 15 quickest growing Metropolitan Statistical Areas (MSAs) within the Southeast and certainly will have a pro forma deposit-weighted populace development of 6%. The combined business has an existence in seven for the ten many markets that are populous the Southeast.
  • Experienced and Compatible Management Teams: The administration teams associated with two businesses have actually substantial experience and operate with really philosophies that are similar values. Each management group has effectively finished many mergers and purchases in addition to subsequent integrations of systems and groups.

Economically metrics that are attractive Shareholders

  • Immense Earnings Per Share Accretion: The deal is projected to produce more than 20% EPS accretion to South State as soon as expense saves are fully phased in, with just minimal book that is tangible dilution and a TBVPS earnback amount of not as much as 12 months.
  • Cost Synergies: the firms have identified $80 million in anticipated yearly net financial savings completely phased in by 2022, representing roughly 10% of projected 2020 combined non-interest costs.
  • Leading professional Forma Profitability: On a professional forma basis, the combined business is anticipated to supply profitability that is robust.

The merger will combine the management that is executive from both companies. The executive team of the combined company will include three members from each legacy company in addition to Robert Hill, Executive Chairman, and John Corbett, CEO.

CenterState Leadership
Will Matthews, Chief Financial Officer
Steve Younger, Chief Strategy Officer
Richard Murray, President

Southern State Leadership
Renee Brooks, Chief Operating Officer
Greg Lapointe, Chief Banking Officer
John Pollok, SEVP & Board Member

Approval and Timing

The merger is anticipated to shut within the quarter that is third of, at the mercy of satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the investors of every business.

Deal Advisors

Piper Sandler & Co. Served as economic consultant to Southern State, with Wachtell, Lipton, Rosen & Katz serving as appropriate advisor.
Keefe, Bruyette & Woods, A Stifel business, served as economic consultant to CenterState, with Davis Polk & Wardwell LLP serving as appropriate consultant.

Joint Investor Conference Call

You will see a joint seminar call to go over the deal at 8:30 a.m. Today eastern Time. To hear the call that is live please dial 877-506-9272 inside the U.S. And 412-380-2004 for several other places and go into the participant rule 10138864. The webcast that is live combined with the relevant presentation, will soon be available from the investor relations area of each company’s web site at https: //www. Southstatebank.com/ and https: //www. Centerstatebank.com/. A audio replay will be accessible start at 2:00 p.m. Eastern Time on January 27, 2020. To get into the replay, dial 877-344-7529 and make use of seminar quantity 10138864. Global callers should dial 412-317-0088 and go into the conference number that is same. This replay, along with the webcast, is going to be available through February 10, 2020 at 9:00 a.m. Eastern Time.
To find out more and an email from our CEOs please go to BankingForward.com

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