Sarasota bank sold in $142M deal

SARASOTA — Winter Haven-based CenterState Banks Inc., one of the largest and fastest growing community banks in Florida, has acquired the parent company of Sarasota-based Gateway Bank of Southwest Florida in a $142.5 million deal.

The deal for Gateway Financial Holdings of Florida, also the parent company of Gateway Bank of Florida and Gateway Bank of Central Florida, is worth about 1.85 times Gateway's core tangible book value. The deal provides shareholders from when the bank was formed in early 2006 a return that roughly doubles the original investment. The $142.5 million valuation of the purchase, according to a transaction analysis from the Hovde Group, is based on both publicly traded CenterState's closing price on Nov. 29 and the current value of the bank's stock options.

The acquisition also marks a local milestone. After this deal and two other recent acquisitions close, there will be only one bank charted with a Sarasota headquarters: Sabal Palm Bank, with $137.5 million in assets through Sept. 30.