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Mergers & Acquisitions

South State, CenterState Scale Up in Southeast

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Published: January 31st, 2020
The banks' $6 billion merger continues an already busy 2020 for M&A in the sector as a combination of secular and cyclical trends push regional banks to scale up.

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).

Editor’s note: The original version of this article, including advisers and other details, was published earlier on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

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