CenterState Bank has wrapped up its previously announced $850.4m acquisition of Alabama-based National Commerce (NCOM), the parent company of National Bank of Commerce.
Image: CenterState Bank and National Commerce complete merger. Photo: courtesy of rawpixel/Pixabay.
The merger between the Florida-based CenterState Bank and National Bank of Commerce was taken up to create a major Southeastern regional bank with 162 branches located across Florida, Alabama and Georgia in the US.
CenterState Bank will be the surviving bank following the merger, and as of December 31, 2018, the enlarged bank holding company has $16.5bn of assets, $11.7bn of gross loans, $12.9bn of deposits and a market capitalization of around $3.3bn.
Under the terms of the all-stock deal announced in November 2018, NCOM shareholders are to be issued 1.65 shares of CenterState Bank’s common stock in exchange of each share they hold in the former.
CenterState Bank, in a statement, said: “In addition, in connection with the closing of the merger, Richard Murray, IV, Chairman and Chief Executive Officer of NCOM, has been named the Chief Executive Officer of the Company’s wholly-owned bank subsidiary, and William E. Matthews, V, President and Chief Financial Officer of NCOM, has been named Chief Financial Officer of both the holding company and its bank subsidiary.”
The Florida-based company and its nationally chartered bank subsidiary are headquartered in Winter Haven. The bank holding company holds $16bn in assets.
It offers traditional retail and commercial banking, wealth management, mortgage and SBA services across its Florida, Georgia and Alabama branch network and customer relationships in neighboring states.
CenterState also has a national presence, catering to clients coast to coast via its correspondent banking division.
National Bank of Commerce offers a variety of financial services for commercial and consumer customers through seven full-service banking offices located across Alabama, 24 full-service banking offices in Florida and five full-service banking offices in the Atlanta, Georgia metro area.
National Bank of Commerce’s business is carried out under multiple trade names unique to its local markets. Among these are United Legacy Bank, Reunion Bank of Florida, Private Bank of Buckhead, and Private Bank of Decatur.
NCOM’s subsidiary National Bank of Commerce also holds a majority stake in Corporate Billing, a transaction-based finance firm in Alabama. Corporate Billing provides factoring, invoicing, collection and accounts receivable management services to transportation firms and automotive parts and service providers in the US and parts of Canada.
In early 2018, NCOM merged with Landmark Bancshares, the parent company of Georgia-based First Landmark Bank.