Combined Company Positioned become a higher Efficiency standard bank with more or less $34 Billion in Assets Serving 18 High development Markets in six Southeastern States

Merger produces the 8th premier Bank Headquartered into the Southeast

Financially Compelling Mix for Both Businesses’ Investors

Combines Two Low-Cost Deposit Bases with Over One Million Customers and a Well placed Branch Network from Florida through Virginia

WINTERTIME HAVEN, Fla. & COLUMBIA, S.C. –(BUSINESS WIRE)– CenterState Bank Corporation (NASDAQ: CSFL) (“CenterState”), the moms and dad company of CenterState Bank, and Southern State Corporation (NASDAQ: SSB) (“South State”), the moms and dad business of Southern State Bank, jointly established today they’ve entered into a definitive contract under that the businesses will combine within an all-stock merger of equals with an overall total market value of about $6 billion to create a prominent Southeastern-based local bank.

(L-R) Robert R. Hill, Jr., Southern State Corporation CEO, and John C. Corbett, CEO of CenterState Bank, have actually established a merger of equals to create a respected Southeast regional bank. (picture: company Wire)
Under the regards to the merger contract, that has been unanimously authorized because of the panels of Directors of both organizations, CenterState investors will get 0.3001 stocks of South State typical stock for each share of CenterState typical stock they possess. CenterState investors will acquire about 53% and Southern State investors will have roughly 47% associated with the combined company.

The combined business shall operate beneath the Southern State Bank title and certainly will trade beneath the Southern State ticker icon SSB from the Nasdaq stock exchange. The organization will soon be headquartered in Winter Haven, Florida and certainly will maintain a presence that is significant Columbia and Charleston, sc; Charlotte, new york; and Atlanta, Georgia.

Robert R. Hill, Jr., CEO of Southern State, will act as Executive Chairman of this combined business. John C. Corbett, CEO of CenterState, is likely to be CEO of this combined business. The Board of Directors regarding the combined business will include sixteen directors evenly split between your two companies that are legacy.

“We are excited to partner with CenterState, ” said Robert R. Hill, Jr. “We have actually great respect for John, the administration group and also the company CenterState has generated. This is certainly a good mix of countries, that may produce tremendous value for our shareholders. ”

“We have actually known and admired Robert and their group for more than a ten years, so we think our two companies can be a fit that is outstanding” said John C. Corbett, CEO of CenterState. “Combining both of these teams that are high-performing let us build a much more powerful company together. ”

Strategically Compelling both for Businesses

  • Improved Scale to push Growth and Improve Profitability: The pro forma company, with roughly $34 billion in assets and $26 billion in deposits, combines two top-quality businesses with comparable credit and administration philosophies.
  • Strengthens Both businesses: This merger combines two highly respected administration teams running business that is complementary. Additionally diversifies the geographies of every business in to a contiguous footprint that is six-state spanning from Florida to Virginia.
  • Combines Two Strong Core Deposit Franchises and High-Quality Loan Portfolios: The combined business may benefit through the mix of two low-cost core-funded deposit bases and top-quality loan portfolios, supplying a reliable supply of funds and clients.
  • High-Growth areas: the company may have areas in 10 for the 15 quickest growing Metropolitan Statistical Areas (MSAs) into the Southeast and certainly will have a pro forma deposit-weighted populace development of 6%. The combined business may have a existence in seven associated with the ten many populous areas in the Southeast.
  • Experienced and Compatible Management Teams: The administration groups of this two organizations have actually substantial experience and run with extremely philosophies that are similar values. Each administration group has effectively finished mergers that are numerous purchases as well as the subsequent integrations of systems and groups.

Economically Appealing Metrics for Shareholders

  • Immense Earnings Per Share Accretion: The deal is projected to supply in excess of 20% EPS accretion to South State when expense saves are fully phased in, with reduced concrete book value dilution and a TBVPS earnback amount of not as much as 12 months.
  • Cost Synergies: the businesses have actually identified $80 million in expected yearly cost that is net completely phased in by 2022, representing about 10% of projected 2020 combined non-interest costs.
  • Leading professional Forma Profitability: On a professional forma foundation, the combined business is anticipated to provide profitability that is robust.

The merger will combine the management that is executive from both businesses. The executive team of the combined company will include three members from each legacy company in addition to Robert Hill, Executive Chairman, and John Corbett, CEO.

CenterState Leadership
Will Matthews, Chief Financial Officer
Steve Younger, Chief Strategy Officer
Richard Murray, President

Southern State Leadership
Renee Brooks, Chief Working Officer
Greg Lapointe, Chief Banking Officer
John Pollok, SEVP & Board Member

Approval and Timing

The merger is anticipated to shut into the quarter that is third of, at the mercy of satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each and every company.

Deal Advisors

Piper Sandler & Co. Served as economic consultant to Southern State, with Wachtell, Lipton, Rosen & Katz serving as appropriate advisor.
Keefe, Bruyette & Woods, A Stifel business, served as monetary consultant to CenterState, with Davis Polk & Wardwell LLP serving as appropriate consultant.

Joint Investor Conference Call

You will see a conference that is joint to go over the transaction at 8:30 a.m. Today eastern Time. To hear the real time call, please dial 877-506-9272 inside the U.S. And 412-380-2004 for many other places and enter the participant rule 10138864. The webcast that is live combined with relevant presentation, will soon be available in the investor relations element of each company’s website at https: money mutual //www. and https: //www. A sound replay will be accessible start at 2:00 p.m. Eastern Time on January 27, 2020. To gain access to the replay, dial 877-344-7529 and employ meeting quantity 10138864. Global callers should dial 412-317-0088 and enter the conference number that is same. This replay, along with the webcast, will likely to be available through 10, 2020 at 9:00 a. M february. Eastern Time.
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