CenterState Bank Corp. (CSFL) and South State Corp. (SSB) have agreed to a $6 billion combination that will create the eighth-largest financial institution headquartered in the Southeast.
Following completion of the all-stock deal, shareholders of Winter Haven, Fla.-based CenterState will own 53% of the combined entity, though the bank will take the name and ticker of Columbia, S.C.-based South State.
The deal continues an already busy 2020 for banking M&A as secular trends such as aging CEOs and more cyclical trends such as depressed interest rates and more lax regulations around banks’ size have led to a greater appetite for deals for many regions of the U.S.
CenterState and South State were among targets identified by The Deal in November following the $4 billion announced merger of Memphis-based First Horizon National Corp. (FHN) and Lafayette, La.-based IberiaBank Corp. (IBKC).
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