Gulfstream Bancshares to Merge With CenterState Banks

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Gulfstream Bancshares, Inc. the parent company of Gulfstream Business Bank announced the signing of a definitive merger agreement under which CenterState Banks, Inc. will acquire Gulfstream Bancshares. Upon completion of the holding company merger, Gulfstream Business Bank will be merged with and into CenterState Bank of Florida, NA. “Gulfstream is excited to partner with such a strong community bank that shares the same commitment to their associates, clients and local communities.” said John Tranter, Gulfstream’s Vice-Chairman, President and CEO. “This partnership is excellent for our clients and our communities. CenterState Bank is a highly capitalized, five star bank that will allow us to continue to operating our high touch business banking model.” Gulfstream, which was founded in 1999 and headquartered in Stuart, Florida, currently operates 4 banking locations along Florida’s Treasure Coast which include Stuart, Port St. Lucie, Jupiter, and Delray Beach. In 1999, Gulfstream was the first new commercial bank established in Martin County in over 25 years. Over the past 14 years, the bank has evolved into one of the premier business banks in the State with consistent top ten rankings in financial performance and was named one of the most efficient banks in the country in 2011. “After 14 years of very solid financial performance during one of the most difficult economic environments, we will be able to reward our shareholders with a significant premium on their original investment”, said John Tranter. As of June 30, 2013, Gulfstream reported assets of $572 million, loans of $369 million and deposits of $486 million. Upon completion of the acquisition, the combined company will have approximately $2.9 billion in assets, $1.8 billion in loans and $2.5 billion in deposits, with a branch network of 59 banking locations. This combination represents a strategic and financially attractive combination of both companies’ shareholders with significant earnings accretion. After the completion of this transaction, CenterState will be one of the largest Florida- based community banks. “Gulfstream’s management, Board of Directors, and entire team share our culture and customer-focused approach, and we are pleased to welcome them, their customers and their shareholders to CenterState,” said Ernie Pinner, Chairman, President, and CEO of CenterState Banks, Inc. “Gulfstream Business Bank is a natural extension of our Florida and Treasure Coast franchise into attractive areas with growth potential. We have admired Gulfstream’s business banking niche philosophy with its high touch service that primarily serves business owners, professionals and associations, ” said John Corbett, President & CEO of CenterState Bank of Florida. “Gulfstream is consistently one of Florida’s highest performing banks and we are excited to partner with such a high quality team.”