WINTER HAVEN, Fla.,
April 1, 2019 /PRNewswire/
-- CenterState Bank Corporation (NASDAQ: CSFL) ("CenterState"
or the "Company") announced today that it completed its acquisition
of National Commerce Corporation (NASDAQ: NCOM) ("NCOM"), effective
as of April 1,
2019. Immediately following the acquisition, NCOM's
subsidiary bank, National Bank of Commerce, merged with and into
CenterState Bank, N.A., a national banking association and wholly
owned subsidiary of CenterState, with CenterState Bank as the
surviving bank in the merger. With this transaction, the
Company is now a leading Southeastern regional bank, with 162
branches located throughout Florida, Georgia and Alabama, and, based on December 31, 2018 financial data and excluding
purchase accounting adjustments, has assets of $16.5 billion, gross loans of $11.7 billion, deposits of $12.9 billion
and a market capitalization of approximately $3.3 billion.
Pursuant to the merger agreement, NCOM's stockholders are
entitled to receive, for each share of NCOM common stock
outstanding immediately prior to the merger, 1.65 shares of
CenterState common stock.
In addition, in connection with the closing of the merger,
Richard Murray, IV, Chairman and
Chief Executive Officer of NCOM, has been named the Chief Executive
Officer of the Company's wholly-owned bank subsidiary, and
William E. Matthews, V, President
and Chief Financial Officer of NCOM, has been named Chief Financial
Officer of both the holding company and its bank subsidiary.
Jennifer L. Idell, the former Chief Financial Officer of the
Company and its subsidiary bank, has been named Chief
Administrative Officer of the Company. Additionally, three
NCOM directors – John H. Holcomb,
III, Richard Murray, and G.
Ruffner Page, Jr. – have been
appointed to the board of directors of the Company and its
subsidiary bank, and Mark L. Drew
has been appointed to the board of directors of the bank
only.
About CenterState
CenterState operates as one of the leading Southeastern regional
bank franchises headquartered in the state of
Florida. Both CenterState and its nationally chartered
bank subsidiary are based in Winter
Haven, Florida, between Orlando and Tampa. With over
$16 billion in assets, the Bank
provides traditional retail, commercial, mortgage, wealth
management and SBA services throughout its Florida, Georgia and Alabama branch network and customer
relationships in neighboring states. The Bank also has a
national footprint, serving clients coast to coast through its
correspondent banking division.
For further information, please contact Steve Young at 863-293-4710.
Forward-Looking Statements
Information in this press release, other than statements of
historical facts, may constitute forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995. These statements include, but are not limited to,
CenterState's plans, objectives, expectations and intentions,
and other statements that are not historical
facts. Forward-looking statements may be identified by
terminology such as "may," "will," "should,"
"scheduled," "plans," "intends," "anticipates," "expects,"
"believes," estimates," "potential," or "continue" or
negative of such terms or other comparable
terminology. All forward-looking statements are subject
to risks, uncertainties and other facts that may cause the actual
results, performance or achievements of CenterState to differ
materially from any results expressed or implied by such
forward-looking statements. Such factors include, among others, the
impact on failing to implement our business strategy, including our
growth and acquisition strategy, including the merger with NCOM and
its integration; any litigation that has been or might be filed in
connection with the merger; the ability to successfully integrate
our acquisitions; additional capital requirements due to our growth
plans; the impact of an increase in our asset size to over
$10 billion; the risks of changes in
interest rates and the level and composition of deposits; loan
demand, the credit and other risks in our loan portfolio and the
values of loan collateral; the impact of us not being able to
manage our risk; the impact on a loss of management or other
experienced employees; the impact if we failed to maintain our
culture and attract and retain skilled people; the risk of changes
in technology and customer preferences; the impact of any material
failure or breach in our infrastructure or the infrastructure of
third parties on which we rely including as a result of
cyber-attacks; or material regulatory liability in areas such as
BSA or consumer protection; reputational risks from such failures
or liabilities or other events; legislative and regulatory changes;
general competitive, political, legal, economic and market
conditions and developments; financial market conditions and the
results of financing efforts; changes in commodity prices and
interest rates; weather, natural disasters and other catastrophic
events; and other factors discussed in our filings with the
Securities and Exchange Commission under the Exchange Act.
Additional factors that could cause results to differ materially
from those contemplated by forward-looking statements can be found
in CenterState's Annual Report on Form 10-K for the year ended
December 31, 2018, and otherwise in
our SEC reports and filings, which are available in the "Investor
Relations" section of CenterState's website,
http://www.centerstatebanks.com. Forward-looking statements speak
only as of the date they are made. You should not expect us to
update any forward-looking statements.
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SOURCE CenterState Bank Corporation