Davis Polk Advises CenterState on Its Merger of Equals with South State

Davis Polk is advising CenterState Bank Corporation on its all-stock merger of equals with South State Corporation to create a leading Southeastern-based regional bank with a total market value of approximately $6 billion. Under the terms of the merger agreement, which was unanimously approved by the Boards of Directors of both companies, CenterState shareholders will receive 0.3001 shares of South State common stock for each share of CenterState common stock they own. CenterState shareholders will own approximately 53% and South State shareholders will own approximately 47% of the combined company. The transaction is subject to customary closing conditions, including receipt of applicable regulatory approvals and approval by the stockholders of both companies.

CenterState operates as one of the leading Southeastern regional bank franchises headquartered in the state of Florida, with over $17 billion in assets.  South State Corporation is a financial services company headquartered in Columbia, South Carolina with approximately $15.9 billion in assets.

The Davis Polk financial institutions M&A team includes partners George R. Bason Jr., Margaret E. Tahyar and Lee Hochbaum and associates Nicholas C. Phillips, Tyler X. Senackerib and Jamie Kurtz. Partner Veronica M. Wissel, counsel David Mollo-Christensen and associate Charlotte R. Fabiani are providing executive compensation advice. Partner William A. Curran is providing tax advice. All members of the Davis Polk team are based in the New York office.