CenterState Banks’ Acquisition of HCBF Holding Company, Inc.


Keefe, Bruyette & Woods, Inc. served as financial advisor to CenterState in both transactions. Alston & Bird LLP served as legal counsel to CenterState in the Harbor transaction and Smith Mackinnon, PA served as legal counsel to CenterState in the Sunshine transaction. Sandler O’Neill & Partners served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Harbor in the Harbor transaction. Hovde Group served as financial advisor and Luse Gorman, PC served as legal counsel to Sunshine in the Sunshine transaction.

CenterState Banks, Inc. (Nasdaq-GS: CSFL), the parent company of CenterState Bank, N.A., announced today the concurrent signing of two separate definitive merger agreements: under one agreement, CenterState will acquire HCBF Holding Company, Inc. (“Harbor”), the parent company of Harbor Community Bank, Ft. Pierce Florida; and under the other agreement, CenterState will acquire Sunshine Bancorp, Inc. (“Sunshine”), the parent company of Sunshine Bank, Plant City, Florida. Upon completion of each merger, the subsidiary bank of each of Harbor and Sunshine will merge into CenterState Bank.

Upon completion of both mergers, CenterState will become the largest community banking company in the state of Florida by assets, market capitalization, deposit market share and branch footprint. Based on June 30, 2017 results, including the impact of purchase accounting, the combined company is expected to have pro forma approximately $10.1 billion in assets, $6.6 billion in loans and $8.1 billion in deposits, and would expand and strengthen CenterState’s presence in key Florida markets. The two transactions combined are expected to result in mid-single-digit EPS accretion and minimal tangible book value dilution, expected to be earned back in less than three years on a fully phased in basis, including the impact of CenterState crossing $10 billion in assets.

The Skadden team includes: Financial Institutions M&A partner Sven Mickisch (Picture); Financial Institutions Regulation and Enforcement partner Brian Christiansen (Washington, D.C.); Executive Compensations and Benefits partner Neil Leff; and Tax partner Steven Matays.

Involved fees earner: Sven Mickisch – Skadden Arps Slate Meager & Flom; Brian Christiansen – Skadden Arps Slate Meager & Flom; Neil Leff – Skadden Arps Slate Meager & Flom; Steven Matays – Skadden Arps Slate Meager & Flom;

Law Firms: Skadden Arps Slate Meager & Flom;

Clients: HCBF Holding Company, Inc.;

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Author: Ambrogio Visconti