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
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. ”
Economically metrics that are attractive Shareholders
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.
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
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.
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.
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