CenterState Bank Merges With Two Florida Banking Subsidiaries
CenterState Banks Inc. (NASDAQ: CSFL) received federal regulatory approval on Oct. 13 from the Office of the Comptroller of the Currency to merge its three national subsidiaries into one national bank.
Officials at the bank point to benefits of the move such as operational efficiencies and more effective capital management and additional jobs for the area.
While phrases like ‘operational efficiencies’ are often code for layoffs, Ernie Pinner, CEO of the holding company CenterState Banks Inc. said in this case CenterState will be adding to its ranks due to the acquisition of four failed banks and the purchase of four Putnam County branches of Mercantile Bank.
The merger also means the bank will be subject to one regulatory exam instead of three, while the increase in size allows for the appointment of specialists to handle complex regulatory issues, said Jim Antel, chief financial officer of CenterState Bank.CenterState Bank Central Florida NA in Kissimmee, CenterState Bank NA in Zephyrhills and CenterState Bank of Florida NA will operate under the combined entity of CenterState Bank of Florida NA at its Winter Haven main office. John Corbett, president and CEO of CenterState Bank of Florida, will be president and CEO of the combined bank. Timothy Pierson, CEO of CenterState Bank, and Thomas White, CEO of CenterState Bank Central Florida, will be area presidents continuing to oversee their respective markets. A fourth subsidiary, Valrico State Bank, the company's only state chartered entity, will continue to operate as a separate unit for now, but possible plans for its merger could come at a later date. About CenterState Bank, Inc. CenterState Bank, Inc. (NASDAQ: CSFL) is a Florida based bank providing online banking, commercial lending , residential mortgages, and investment services throughout 35 Florida banking offices. CenterState Bank was founded in 1989, and acquired its correspondent banking division in 2008. CenterState has nearly $1.3 billion in assets, according to the June 30 Summary of Deposits release by the Federal Deposit Insurance Corp.
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