Florida-based CenterState Bank (CSFL) has finalised the acquisition of Alabama-based peer National Commerce (NCOM).
Under the agreement, NCOM subsidiary National Bank of Commerce merged with and into the bank subsidiary of CenterState.
Go deeper with GlobalData
The all-stock deal, first announced in November 2018, is valued at around $850.4m.
As per the agreed transaction terms, National Commerce stockholders can swap each share for 1.65 shares of CSFL common stock.
The merged entity will have 162 branches across Florida, Georgia and Alabama.
The group will manage assets of $16.5bn based on 31 December 2018 data and excluding adjustments.
At the time of deal announcement, CSFL president and CEO John Corbett said: “This partnership not only strengthens our management team, but it also deepens our franchise in our core markets of Orlando, Tampa, Jacksonville, and Atlanta.”
As part of the deal, NCOM chairman and CEO Richard Murray, IV will serve as the CEO of CFSL’s bank subsidiary.
NCOM president and CFO William Matthews, V will become CFO of CSFL and its bank subsidiary.
Ex- CSFL CFO Jennifer Idell will now assume the role of chief administrative officer at CSFL.
Moreover, NCOM directors – John Holcomb, III, Richard Murray, and G. Ruffner Page, Jr. secured seats on the boards of CSFL and its subsidiary bank.
Mark Drew will now sit on the board of the bank.
