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CenterState completes acquisition of Charter Financial

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CenterState completes acquisition of Charter Financial

Winter Haven, Fla.-based CenterState Bank Corp. completed its acquisition of West Point, Ga.-based Charter Financial Corp., effective Sept. 1, according to a Form 8-K.

As part of the deal, CharterBank, a subsidiary of Charter Financial, merged with and into CenterState Bank NA, a unit of CenterState Bank.

Under the terms of the deal, Charter Financial shareholders received 0.738 of a share of CenterState common stock plus $2.30 in cash for each outstanding Charter Financial common share held. No fractional CenterState common shares were issued and any fractional CenterState common share was paid in cash in the amount of $29.71 per share.

Each option to acquire Charter Financial common shares was converted, at the effective time of the merger, into the right to receive a cash payment equal to the product of the number of Charter Financial common shares underlying such option and $23.00 minus the exercise price per share under such option.

CenterState issued 11,424,813 shares of its common stock. Those shares had a value of about $349.8 million based on CenterState's closing stock price on Aug. 31. CenterState also paid $35.6 million in cash, for an aggregate merger consideration of $385.4 million.

CenterState now has approximately $12.2 billion in assets, $9.5 billion in deposits and 128 branches.

In addition, Lee Washam, president of CharterBank, has joined CenterState Bank as regional president for Georgia.