Based on the terms of the definitive merger agreement, the acquired entity that manages four banking locations along with Florida’s Treasure Coast will be merged with and into CenterState Bank of Florida.
For each share of Gulfstream’s common stock, its shareholders will receive 3.012 shares of CenterState’s common stock and $14.65 in cash, and the deal has been valued at nearly $76.9m.
Approved by the boards of directors of both firms, the transaction is subject to required customary conditions, including regulatory and Gulfstream shareholders approvals and is expected to conclude during the first quarter of 2014.
Post transaction, the integrated organization will have nearly $2.9bn in assets, $1.8bn in loans and $2.5bn in deposits, with a branch network of 59 bank offices.
CenterState Bank of Florida president & CEO John Corbett said, "Gulfstream Business Bank is a natural extension of our Florida and Treasure Coast franchise into attractive areas with growth potential."
GulfStream president & CEO John Tranter will assume the post of executive vice president and chief banking officer of CenterState, following completion of the integration.
Headquartered in Stuart, Gulfstream reported assets of $572m, loans of $368m and deposits of $486m, as of 30 June 2013.
Raymond James and Hovde Group served as financial advisors, while Smith Mackinnon and Shutts & Bowen acted as legal counsel to CenterState Banks and GulfStream Bancshares, respectively.
