Combined Company Positioned become a higher Efficiency standard bank with roughly $34 Billion in Assets Serving 18 High development areas in six states that are southeastern
Economically Combination that is compelling for Companies’ Investors
Combines Two Low-Cost Deposit Bases with Over One Million Customers and a Well placed Branch system from Florida through Virginia
WINTERTIME HAVEN, Fla. & COLUMBIA, S.C. –(COMPANY WIRE)– CenterState Bank Corporation (NASDAQ: CSFL) (“CenterState”), the moms and dad 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 have entered in to a definitive contract under that your businesses will combine within an all-stock merger of equals with an overall total market worth of around $6 billion to create a respected Southeastern-based regional bank.
(L-R) Robert R. Hill, Jr., Southern State Corporation CEO, and John C. Corbett, CEO of CenterState cash central review Bank, have actually established a merger of equals to create a number one Southeast local bank. (picture: company Wire)
beneath the regards to the merger contract, that was unanimously authorized by the panels of Directors of both organizations, CenterState investors will get 0.3001 stocks of Southern State stock that is common each share of CenterState typical stock they possess. CenterState investors will have about 53% and Southern State investors will obtain more or less 47% regarding the combined business.
The combined company shall run beneath the South State Bank title and can trade underneath the Southern State ticker expression SSB from the Nasdaq currency markets. The business is going to be headquartered in Winter Haven, Florida and certainly will keep a presence that is significant Columbia and Charleston, sc; Charlotte, vermont; and Atlanta, Georgia.
Robert R. Hill, Jr., CEO of Southern State, will act as Executive Chairman of this combined business. John C. Corbett, CEO of CenterState, are going to be CEO for the combined business. The Board of Directors of this combined business will include sixteen directors evenly split amongst the two companies that are legacy.
“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 is certainly a good mixture of countries, that will create tremendous value for our investors. ”
“We have actually known and admired Robert and his group for over a ten years, and we also think our two companies can be an outstanding fit, ” said John C. Corbett, CEO of CenterState. “Combining both of these teams that are high-performing let us build a level more powerful business together. ”
Economically metrics that are attractive Shareholders
The merger will combine the executive administration groups from both businesses. 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 Young, Chief Strategy Officer
Richard Murray, President
Southern State Leadership
Renee Brooks, Chief Working Officer
Greg Lapointe, Chief Banking Officer
John Pollok, SEVP & Board Member
The merger is anticipated to close within the quarter that is third of, susceptible to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the investors of every company.
Piper Sandler & Co. Served as economic consultant to Southern State, with Wachtell, Lipton, Rosen & Katz serving as appropriate advisor.
Keefe, Bruyette & Woods, A Stifel Company, served as monetary consultant to CenterState, with Davis Polk & Wardwell LLP serving as appropriate consultant.
Joint Investor Conference Call
You will see a conference that is joint to talk about the deal at 8:30 a.m. Eastern Time today. To hear the real time call, please dial 877-506-9272 inside the U.S. And 412-380-2004 for several other places and enter the participant rule 10138864. The real time webcast, together with the relevant presentation, will soon be available regarding the investor relations part of each company’s web site at https: //www. Southstatebank.com/ and https: //www. Centerstatebank.com/. A sound replay will be accessible start at 2:00 p.m. Eastern Time on January 27, 2020. To gain access to the replay, dial 877-344-7529 and employ meeting quantity 10138864. Overseas callers should dial 412-317-0088 and enter the exact same meeting quantity. This replay, as well as the webcast, is going to be available through 10, 2020 at 9:00 a. M february. Eastern Time.
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