CenterState Banks To Buy Gulfstream Bancshares - Quick Facts

(RTTNews) - CenterState Banks, Inc. (CSFL) said it would acquire Gulfstream Bancshares, Inc., the parent company of Gulfstream Business Bank. Following the completion of the holding company merger, Gulfstream Business Bank would be merged with and into CenterState Bank of Florida, NA.

Headquartered in Stuart, Florida, Gulfstream currently operates 4 banking locations along Florida's Treasure Coast which include Stuart, Port St. Lucie, Jupiter, and Delray Beach. As of June 30, 2013, Gulfstream reported assets of $572 million, loans of $368 million and deposits of $486 million.

Following the closure, the combined company would have nearly $2.9 billion in assets, $1.8 billion in loans and $2.5 billion in deposits, with a branch network of 59 banking locations.

The transaction may close in the first quarter of 2014. Gulfstream shareholders would receive 3.012 shares of CenterState's stock and $14.65 in cash for each share of Gulfstream's stock, which equates to a deal value of $42.90 per share based on CSFL's 20 day volume weighted average closing price ended July 26, 2013 of $9.38. Further, if the volume weighted average closing sales price of CenterState common stock during a specified time period prior to completion of the merger is greater than $10.38, then the number of CenterState shares of common stock issued for each share of Gulfstream stock would be reduced by dividing $31.28 by such average closing sales price.

The aggregate deal value is about $76.9 million, based on CSFL's 20 day volume weighted average closing price ended July 26, 2013 of $9.38.