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Centerstate Banks, Inc. To Acquire

The following excerpt is from the company's SEC filing.

Hometown of Homestead Banking Company

CenterState Banks, Inc. (Nasdaq-GS: CSFL)

announced today the signing of a definitive merger agreement under which CenterState will acquire Hometown of Homestead Banking Company (“HBC”), the parent company of 1

National Bank of South Florida ( “1


National, which is headquartered in Homestead, Florida, currently operates 6 banking locations in the Miami-Fort Lauderdale-West Palm Beach MSA. As of June 30, 2015, 1

National reported assets of $346 million, gross loans of $204 m illion and deposits of $283 million.

National is an excellent complement to our recent acquisition of Community Bank of South Florida,” said Ernie Pinner, Executive Chairman of CenterState Banks, Inc. “The combination of the two acquisitions helps us to further penetrate the attractive South Miami-Dade market.”

Upon completion of the acquisition, the combined company will have approximately $4.7 billion in assets, $3.1 billion in loans and $3.9 billion in deposits, inclusive of the pending acquisition of Community Bank of South Florida, Inc. This transaction will further solidify CenterState’s position as one of the largest Florida-based community banks and is expected to result in high single-digit EPS accretion when fully phased in.

National, founded in 1932, has a long established presence in South Miami-Dade county, and we look forward to weloming their customers and employees to our growing Florida franchise,” said John Corbett, President & CEO of CenterState.

The merger agreement has been unanimously approved by the boards of directors of each company. The transaction is expected to close late in the first quarter of 2016 and is subject to customary conditions, including both regulatory approvals and HBC shareholder approval. Subject to the terms of the merger agreement, HBC shareholders will receive $1.25 in cash for each share of HBC’s common stock, which equates to an aggregate deal value of $19.1 million.

“We are excited to have this opportunity to partner with CenterState, a like-minded Florida headquartered community bank. The combination provides valuable additional products and services for our customers as well as access to an expanded branch network,” said...