South State and CenterState to Combine in Merger of Equals to Create Leading Southeast Regional Bank - Seite 2
- Significant Earnings Per Share Accretion: The transaction is projected to deliver in excess of 20% EPS accretion to South State once cost saves are fully phased in, with minimal tangible book value dilution and a TBVPS earnback period of less than one year.
- Cost Synergies: The companies have identified $80 million in expected annual net cost savings fully phased in by 2022, representing approximately 10% of projected 2020 combined non-interest expenses.
- Leading Pro Forma Profitability: On a pro forma basis, the combined company is expected to deliver robust profitability metrics.
Executive Leadership
The merger will combine the executive management teams from both organizations. In addition to Robert Hill, Executive Chairman, and John Corbett, CEO, the executive team of the combined company will include three members from each legacy company.
CenterState Leadership |
South State Leadership |
||||
Will Matthews, Chief Financial Officer |
Renee Brooks, Chief Operating Officer |
||||
Steve Young, Chief Strategy Officer |
Greg Lapointe, Chief Banking Officer |
||||
Richard Murray, President |
John Pollok, SEVP & Board Member |
Approval and Timing
The merger is expected to close in the third quarter of 2020, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each company.
Transaction Advisors
Piper Sandler & Co. served as financial advisor to South State, with Wachtell, Lipton, Rosen & Katz serving as legal advisor.
Keefe, Bruyette & Woods, A Stifel Company, served as financial advisor to CenterState, with Davis Polk & Wardwell LLP serving as legal advisor.
Lesen Sie auch
Joint Investor Conference Call
There will be a joint conference call to discuss the transaction at 8:30 a.m. Eastern Time today. To listen to the live call, please dial 877-506-9272 within the U.S. and 412-380-2004 for all other locations and enter the participant code 10138864. The live webcast, along with the related presentation, will be available on the investor relations section of each company’s website at http://www.southstatebank.com/ and https://www.centerstatebank.com/. An audio replay will be available beginning at 2:00 p.m. Eastern Time on January 27, 2020. To access the replay, dial 877-344-7529 and use conference number 10138864. International callers should dial 412-317-0088 and enter the same conference number. This replay, as well as the webcast, will be available through February 10, 2020 at 9:00 a.m. Eastern Time.