CenterState Bank and National Commerce have announced that the companies agreed to a combine in an all-stock transaction.
Under the agreement, National Commerce will merge with and into CenterState. The will create a Southeastern regional bank with branches in Florida, Georgia, and Alabama.
Upon completion of the merger, Richard Murray IV, chairman and CEO of National Commerce, will join CenterState as CEO of the company's wholly owned bank subsidiary CenterState Bank. William Matthews V, president and CFO of National Commerce, will join CenterState as CFO of both the bank and the holding company.
The bank provides traditional retail, commercial, mortgage, wealth management, and SBA services.
Completion of the merger is subject to customary closing conditions, including receipt of required regulatory approvals and the approval by the stockholders of both National Commerce and CenterState. The transaction is expected to close in the second quarter of 2019.
"We have enjoyed a 19-year business relationship with Richard, Will, and other members of the National Commerce team that confirms our cultural alignment," CenterState President and CEO John Corbett said. "This partnership not only strengthens our management team, but it also deepens our franchise in our core markets of Orlando, Tampa, Jacksonville, and Atlanta. We are also excited to welcome a seasoned team of Alabama bankers with a proven record of success."
"For years, we have had great respect and admiration for CenterState and we are thrilled to play an important role in helping build upon our common culture and values," Murray said. "This partnership enables National Commerce stockholders to benefit from accelerating growth and capitalizing on opportunities in our markets. By joining up and joining in with the CenterState team, together we will realize benefits it would have taken us years to accomplish independently."