CenterState Bank has signed a definitive agreement to acquire National Commerce in an all-stock transaction valued at nearly $850.4m.

Under the terms of the agreement, for each share they hold National Commerce stockholders will receive 1.65 shares of CSFL common stock.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Once the transaction is complete, National Commerce will merge with and into CenterState Bank.

National Commerce chairman and CEO Richard Murray, IV will join CenterState Bank as CEO, while National Commerce president and CFO William E. Matthews will assume the responsibility of the CFO of the bank as well as the holding company.

 National Commerce acquisition

The combination is expected to create one of the largest south-eastern regional banks in the US. It will have branches across the states of Florida, Georgia and Alabama.

As of 30 September 2018, the combined bank had a total assets of $16.4bn, gross loans of $11.5bn and deposits of $12.8bn. It would hold a market capitalisation of around $3.2bn.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

CenterState president and CEO John Corbett said: “We have enjoyed a nineteen year business relationship with Richard, Will and other members of the National Commerce team that confirms our cultural alignment.

“This partnership not only strengthens our management team, but it also deepens our franchise in our core markets of Orlando, Tampa, Jacksonville, and Atlanta.”

Murray said: “This partnership enables National Commerce stockholders to benefit from accelerating growth and capitalising on opportunities in our markets.

“By joining up and joining in with the CenterState team, together we will realize benefits it would have taken us years to accomplish independently.”

The National Commerce acquisition is expected to close in the second quarter of 2019, subject to regulatory and stockholders’ approvals.