CenterState Bank completed its acquisition of National Commerce. Immediately following the acquisition, NCOM’s subsidiary bank, National Bank of Commerce, merged with and into CenterState Bank, the wholly owned subsidiary of CenterState, with CenterState Bank as the surviving bank in the merger.
With this transaction, the now has 162 branches located throughout Florida, Georgia and Alabama, and, based on December 31, 2018 financial data and excluding purchase accounting adjustments, has assets of $16.5 billion, gross loans of $11.7 billion, deposits of $12.9 billion and a market capitalization of approximately $3.3 billion.
Pursuant to the merger agreement, NCOM’s stockholders are entitled to receive, for each share of NCOM common stock outstanding immediately prior to the merger, 1.65 shares of CenterState common stock.
In addition, in connection with the closing of the merger, Richard Murray, IV, chairman and CEO of NCOM, has been named the CEO 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. Jennifer L. Idell, the former chief financial officer of the company and its subsidiary bank, has been named chief administrative officer of the company.
Additionally, three NCOM directors – John H. Holcomb, III, Richard Murray and G. Ruffner Page, Jr. – have been appointed to the board of directors of the company and its subsidiary bank, while Mark L. Drew has been appointed to the board of directors of the bank only.
