CenterState Bank Corporation and South State Corporation Receive Approval for Merger

CenterState Bank Corporation, a bank holding company based in Florida, and South State Corporation, a bank holding company based in South Carolina, have received regulatory approval to complete their previously announced merger of equals. The Office of the Comptroller of the Currency has approved the merger between their respective bank subsidiaries, CenterState Bank, N.A. and South State Bank. Additionally, the South Carolina State Board of Financial Institutions has given its approval for the mergers to proceed.

This significant development brings the two companies one step closer to their goal of creating a leading banking institution in the Southeastern United States. The merger, which was first announced in January 2020, is subject to regulatory approval from the Board of Governors of the Federal Reserve System and other customary closing conditions, including shareholder approval.

Key Takeaways:

• CenterState Bank Corporation and South State Corporation have received approval from the Office of the Comptroller of the Currency to complete their merger of equals.
• The approval also includes the South Carolina State Board of Financial Institutions.
• The merger is subject to regulatory approval from the Board of Governors of the Federal Reserve System and other customary closing conditions, including shareholder approval.
• The combined company will be a leading bank holding company in the Southeastern United States.
• The merger will create a stronger and more diversified financial institution with a broader range of products and services.
• The companies expect to complete the merger by the end of May 2020, pending regulatory approval.

Statistics:

• The merger is valued at approximately $1.4 billion.
• CenterState Bank Corporation has approximately $4.4 billion in assets, while South State Corporation has approximately $6.6 billion in assets.
• The combined company will have a total of 277 branches in 13 states.

Sources:

• CenterState Bank Corporation (Form 8-K filing, May 18, 2020)
• South State Corporation (Registration Statement, Form S-4, filed with the SEC on April 20, 2020)
• Office of the Comptroller of the Currency
• South Carolina State Board of Financial Institutions