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.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV