CenterState To Acquire National Commerce Corp. In All-stock Deal - Quick Facts

(RTTNews) - CenterState Bank Corp. (CSFL) and National Commerce Corp. (NCOM) announced a definitive agreement pursuant to which National Commerce will merge with and into CenterState in an all-stock transaction. National Commerce stockholders will receive 1.65 shares of CSFL common stock for each outstanding share of National Commerce common stock. This equates to a per share value of $40.01 and an aggregate transaction value of $850.4 million.

CenterState Bank Corp. said the transaction is expected to result in mid-single-digit EPS accretion on a fully phased in basis and limited tangible book value dilution, expected to be earned back in approximately two years.

The combined company has pro forma total assets of $16.4 billion, gross loans of $11.5 billion, deposits of $12.8 billion and a market capitalization of approximately $3.2 billion. Over 75% of the pro forma deposit base will be in Florida.

Upon completion of the merger, Richard Murray, CEO of National Commerce, will join CenterState as CEO of the company's wholly-owned bank subsidiary, CenterState Bank, N.A., and William Matthews, CFO of National Commerce, will join CenterState as CFO of both the bank and the holding company.