trending Market Intelligence /marketintelligence/en/news-insights/trending/MY0d4twpay44Dw4gpyvOsw2 content
Log in to other products

Login to Market Intelligence Platform

 /


Looking for more?

Contact Us
In This List

In i-bankers' lists, CenterState could pay most for HCBF

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity


In i-bankers' lists, CenterState could pay most for HCBF

Fort Pierce, Fla.-based HCBF Holding Co. Inc. had been in periodic M&A talks with potential partners for some time, including CenterState Bank Corp. In fact, HCBF CEO Michael Brown Sr. and his CenterState counterpart, John Corbett, met twice in 2016.

Late that year and in early 2017, two other banking institutions expressed interest in a possible combination. HCBF in January announced it would acquire Jefferson Bankshares Inc., and several investment banking firms submitted analyses about potential partners. In their lists, it was Winter Haven, Fla.-based CenterState with the capacity to pay the highest value of consideration for HCBF.

HCBF and CenterState in April entered into a nondisclosure and confidentiality agreement. CenterState later indicated it might pay $18 to $19 for each HCBF common share. One of the banks that had previously expressed interest orally indicated it might pay approximately $17 per share in an acquisition.

In July, HCBF completed its Jefferson deal.

CenterState's and HCBF's negotiations continued, and the would-be acquirer disclosed in August that it was in talks with another target, Sunshine Bancorp Inc. HCBF performed its own due diligence on Sunshine. On Aug. 12, all three parties executed their respective merger agreements.