CenterState, South State Corp. To Combine In All-stock Merger Deal - Quick Facts

(RTTNews) - CenterState Bank Corp. (CSFL) and South State Corp. (SSB) have agreed to combine in an all-stock merger of equals with a total market value of approximately $6 billion. CenterState shareholders will receive 0.3001 shares of South State common stock for each share of CenterState stock.

CenterState shareholders will own approximately 53% and South State shareholders will own approximately 47% of the combined company. John Corbett, CEO of CenterState, will be CEO of the combined company. Robert Hill, Jr., CEO of South State, will be appointed as Executive Chairman.

The combined company will operate under the South State Bank name and will trade under the ticker symbol, SSB. The merger is estimated to result in excess of 20% EPS accretion to South State once cost saves are fully phased in.