CenterState Banks buys First Southern for $190M
Two banks that entered the Jacksonville market by acquiring failed local banks are merging together.
CenterState Banks Inc. announced Thursday a $189.5 million agreement to buy First Southern Bancorp Inc.
CenterState, based in Davenport, entered the Jacksonville market in 2012 by acquiring
First Guaranty Bank & Trust Co. Boca Raton-based First Southern came into the market in 2010 by acquiring Haven Trust Bank Florida.
Both banks have three branches in the Jacksonville metropolitan area, according to their
CenterState operates 59 branches in 18 Florida counties and First Southern has 17 offices in the Jacksonville, Orlando and West Palm Beach-Fort Lauderdale markets.
“First Southern Bank is a complementary fit into our company as we have a significant presence in Jacksonville and Orlando,” CenterState Chairman and CEO Ernie Pinner said in a news release.
The combined company will have $4 billion in assets and $3.4 billion in deposits.
Under terms of the merger agreement, First Southern stockholders will receive $3 in cash and 0.3 shares of CenterState stock for each of their First Southern shares. Based on CenterState’s closing price of $10 on Thursday, the total value of the deal is $189.5 million.