Bank makes big move with $84M acquisition

Polk County-based CenterState Banks, already one of the fastest-growing community banks in Florida, has acquired the parent company of Platinum Bank for nearly $84 million.

Brandon-based Platinum Bank, under Platinum Bank Holding Co., operates seven branches in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven regions and had $584 million in assets through Sept. 30. Platinum Bank shareholders will each receive 3.7832 shares of CenterState common stock and $7.60 in cash for each outstanding share of the bank, according to a statement. That equates to an aggregate deal value of $83.9 million, the release adds, based on CenterState's closing price of $17.77 a share Oct. 17.

“We are delighted to announce this partnership with Platinum Bank,” CenterState President and CEO John Corbett, says in the release. “We want to extend a warm welcome to Platinum's employees and customers and we look forward to continuing their tradition of service in Polk, Hillsborough, and Pinellas counties.”

The transaction, pending closing, would boost CenterState to the top market share position among community banks in Lakeland-Winter Haven and the No. 3 position in the Tampa-St. Petersburg-Clearwater region. The combined company, according to the release, would have about $5.6 billion in assets, $3.7 billion in loans and $4.5 billion in deposits through Sept. 30.

Boards of both banks unanimously approved the transaction, subject to customary closing conditions and approval of Platinum Bank's shareholders. It's expected to close in the second quarter of 2017.

“We have known the team at CenterState for many years and are excited to merge with a high performing community bank that shares our values and customer centric culture,” Platinum President and CEO Jerry Kyle says in the statement. “With a larger footprint and product mix, our team will be able to build on the success of the past and provide a greater level of service to our customers.”