News Releases

CenterState Banks, Inc. Announces

Agreement to Purchase Federal Trust

DAVENPORT, FL. – May 23, 2011 - CenterState Banks, Inc. (NASDAQ: CSFL) announced that it has entered into a definitive agreement with The Hartford Financial Services Group, Inc. to purchase Federal Trust Corporation and subsequently merge Federal Trust Bank into its lead subsidiary bank, CenterState Bank of Florida. This transaction is expected to close by the end of the year pending regulatory approval. CenterState is well-positioned for these acquisitions as a result of its strong financial and capital position.

With the closing of this transaction, CenterState will assume all of the deposits (approximately $230 million) and purchase selected performing loans (totaling approximately $170 million) and other assets of Federal Trust Bank. CenterState will not pay a premium to assume the deposits and will receive a 27% discount on selected performing loans.  CenterState also has the option to put back any purchased loan for up to one year after closing that becomes 30 days past due or becomes adversely classified by applicable regulatory standards.  

Headquartered in Sanford, Florida with branches throughout Central Florida, Federal Trust Bank is strategically positioned along the I-4 and I-95 corridors in Central Florida.  “Federal Trust Bank is a natural addition for CenterState.  This addition continues our vision to build out the I-4 and I-95 corridors as well as our Central Florida footprint.  With this acquisition, we add to our 52 other conveniently located offices in Central Florida,” said Ernie Pinner, Chairman, President, and CEO of CenterState Banks, Inc. 

Founded in 1988, Federal Trust Bank is one of the oldest financial institutions in Seminole County.   “Federal Trust Bank has been a reliable source for banking customers in Central Florida for almost 25 years and we look forward to continuing that tradition.   We are excited for the opportunity to partner with the employees of Federal Trust and we welcome all of Federal Trust’s customers,” said John Corbett, President and CEO of CenterState Bank of Florida.

Over the past year, CenterState has acquired 3 FDIC assisted transactions headquartered in Clewiston, Bartow, and Ocala, Florida respectively.  CenterState also purchased four branches from TD Bank in Putnam County, Florida in January of this year.  Since the summer of 2009, CenterState has completed two successful stock offerings totaling approximately $120 million which has funded these recent acquisitions. 


More Access Where YOU Are

CenterState Launches Official Facebook Page

CenterState Bank is breaking new ground on some cyber real estate. The bank is carving out its own space on Facebook for access and information exchange, making it even more personal and connected to customers. 

You can join up with CenterState in the social media arena by ‘liking’ our Facebook Page. Simply clicking the ‘like’ button will allow you to follow posts on news, announcements, and community events.

CenterState on Facebook

You will also be able to check out our current new account gift gallery, which includes many rewards for opening an account with CenterState. Some of the available gift options include a spa treatment, a fitness assessment, a meal for two, or a free financial consulting session.

CenterState Bank is excited as it enters into the social media realm because it provides an improved channel to share information and interact with banking members.

“It’s our next level of engaging the customer and simply being available to them,” said Jason Young E-Services Manager. “We want to be as accessible to our customers as we can be, so it’s only natural to keep folks informed in a space many of them routinely find themselves,” added Young.

Like CenterState Bank on Facebook and stay in touch by telling us ways to improve your banking experience.  We are listening to you, and we highly value your feedback.

Thank you for being a member of the CenterState family.

About CenterState Bank:

CenterState Bank [NASDAQ: CSFL] is a Florida based bank providing online banking, commercial lending, residential mortgages, and investment services throughout 47 Florida banking offices. 

 


 

CENTERSTATE BANK Branch Manager Stasiak Wins Bartow Chamber's Leadership Award

By SUZIE SCHOTTELKOTTE
THE LEDGER
Published: Saturday, January 22, 2011 at 11:18pm
BARTOW | More than 15 years ago, the late George W. Harris Jr. hand-picked Anita Stasiak for his top management team at Polk County-based Citrus & Chemical Bank.

Saturday night, Stasiak was presented the award that bears his name.

"Although she lives in Lakeland," 2009 winner Debbie Burdett said in presenting the award, "Anita Stasiak will tell you her heart belongs to Bartow, and it is here that she has served as a volunteer for many organizations, working hard to make Bartow a better place."

The annual George W. Harris Jr. Leadership Award is the highest honor bestowed by the Greater Bartow Chamber of Commerce. It's presented to a recipient who embodies the spirit of community and volunteerism that Harris represented.

Candidates for the award are nominated and recipients are chosen by a committee of chamber directors and past award winners.

As in years past, the recipient's name was held secret until the award was presented Saturday during the chamber's annual banquet at the Bartow Civic Center.

In accepting the award, Stasiak said, Harris taught her the importance of community relations.

"He taught me it wasn't just the bottom line that was important, it was building relationships with people."

Stasiak, the Bartow branch manager of CenterState Bank, has served as president of the chamber, the chamber's foundation and Bartow's Rotary Club, and has served on the boards of directors for the Bartow Community Healthcare Foundation, VISTE, the Peace River Center and Main Street Bartow.

"George obviously saw what all of us now recognize as one of Bartow's finest assets," Burdett said. "George Harris' success was no doubt contributed to by his ability to surround himself with the very best."

Stasiak currently serves on Bartow's Committee of 100 economic development group, along with county's charter review committee.

She and her husband, Mike, have been married for 30 years and have two daughters, Lindsey and Ashley.

Jeff Clark, the chamber's executive director, said Stasiak is a graduate of the chamber's Leadership Bartow program, and her contributions to the chamber have been numerous.

"I could not be happier for Anita," he said.

"She is an outstanding example of the Leadership Bartow program, and has contributed a great deal to the area.

"I'm sure George Harris would be very pleased to have this award go to someone he thought so much of."


Economist says outlook improving, but slowly

by Yvonne Ayala McClennan, Ft. Myers News-Press
Friday, November 19, 2010

The economy is starting to look up, but may continue to improve at a crawl.

That was the message Thursday from a nationally recognized economist at a Preferred Community Bank event in Fort Myers.

A group of about 45 people got a positive outlook from Joseph T. Keating, the chief investment officer for Birmingham, Ala.-based CenterState Bank. The event was at Preferred’s 4379 Colonial Blvd. location.

Keating said the major private sector adjustments that are part of a recession already occurred nationwide, such as 8.5 million jobs lost, a 15 percent decline in industrial production measures and a 75 percent decline in housing starts.

“What that says to me is that the likelihood of us falling into a new recession anytime soon is very low,” he said.

Julie Ann Garber, an attorney with Becker & Poliakoff in Fort Myers, found the news refreshing and in line with her personal experiences.

“He was very optimistic, very positive,” she said. “He’s someone who studies the economy, he’s watching what’s going on and he’s telling us things are looking up.” Although conditions seem to be improving, Keating said the U.S. has had a below average recovery this time around.

Historically, economic recoveries dating back to World War II showed a 6 percent growth rate in the first year, but the current recession has had about a 3 percent growth for the same period, Keating said.

He attributes the low growth to households and businesses focusing on lowering their debt, but who are also raising their savings rates.

Keating said when things were good the savings rate was estimated at 2 percent but has now reached around 6 percent.

“Both of those things –– lowering debt levels and raising savings rates — are good long term, but in the short run they are more headwinds in the economy than tailwinds,” he said.

Keating also said the national housing market is likely to settle soon, but because of oversupply in the housing stock, people are concerned more affordable prices will soon come on the market.

But the Nov. 2 elections were a positive step for the economy, where voters showed they wanted more pro-growth and less anti-business policies nationwide, he said.

“We need more job growth,” Keating said, “and that’s what will actually really cause there to be a bottom in housing prices.”

 


CenterState Bank Merges with Two Florida Banking Subsidiaries

Move by Florida Bank Will Mean Efficient Capital Management and Other Benefits

CenterState Banks Inc. [NASDAQ: CSFL] received federal regulatory approval on Oct. 13 from the Office of the Comptroller of the Currency to merge its three national subsidiaries into one national bank.

Officials at the bank point to benefits of the move such as operational efficiencies and more effective capital management and additional jobs for the area.

While phrases like ‘operational efficiencies’ are often code for layoffs, Ernie Pinner, CEO of the holding company CenterState Banks Inc. said in this case CenterState will be adding to its ranks due to the acquisition of four failed banks and the purchase of four Putnam County branches of Mercantile Bank.

The merger also means the bank will be subject to one regulatory exam instead of three, while the increase in size allows for the appointment of specialists to handle complex regulatory issues, said Jim Antel, chief
financial officer of CenterState Bank.

CenterState Bank Central Florida NA in Kissimmee, CenterState Bank NA in Zephyrhills and CenterState Bank of Florida NA will operate under the combined entity of CenterState Bank of Florida NA at its Winter Haven main office.

John Corbett, president and CEO of CenterState Bank of Florida, will be president and CEO of the combined bank. Timothy Pierson, CEO of CenterState Bank, and Thomas White, CEO of CenterState Bank Central Florida, will be area presidents continuing to oversee their respective markets.

A fourth subsidiary, Valrico State Bank, the company's only state chartered entity, will continue to operate as a separate unit for now, but possible plans for its merger could come at a later date.

About CenterState Bank, Inc.

CenterState Bank, Inc. [NASDAQ: CSFL] is a Florida based bank providing online banking, commercial lending, residential mortgages, and investment services throughout 35 Florida banking offices. CenterState Bank was founded in 1989, and acquired its correspondent banking division in 2008. CenterState has nearly $1.3 billion in assets, according to the June 30 Summary of Deposits release by the Federal Deposit Insurance Corp.

SOURCE: CenterState Bank, Inc.

Media Contact:
Jill Osborne
863-293-4710
josborne@centerstatebank.com

(initially release via Business Wire on October 29, 2010)



LW Chamber presents Durso awards

By KATHY LEIGH BERKOWITZ
Staff Writer- Lake Wales News
Published: Saturday, September 18, 2010 10:09 AM EDT
Members of the Lake Wales Chamber of Commerce packed out the fellowship hall of First Baptist Church on Central Avenue to celebrate their fifth annual Carl F. Durso Excellence in Business Awards Luncheon Friday.

“It is always a great event to recognize the business in town that we take for granted,” said Chamber of Commerce president Jason Penrod.

Sponsors for the event, besides the Chamber, were Citizens Bank & Trust, Lake Wales Medical Center and Polk State College.

Those presenting the two trophies awarded were Greg Littleton, chief executive officer for Citizens Bank & Trust, and Dr. Eileen Holden, president of Polk State College.

Jerry Miller of Progress Energy was the keynote speaker for the event. Florida’s Natural Growers and Center State Bank were this year’s Durso award winners for “excellence in business.”

On behalf of Florida’s Natural Growers, vice president of operations Charles Matthews said “it’s certainly an honor to receive this award and to join the list of other great companies that support Lake Wales and the Chamber.”

“We have over 300 Lake Wales residents that work in our company. That really creates a deep regard in all of us for the city of Lake Wales, the accomplishments that they have achieved today, the opportunities they have going forward,” he said.

And Paul Gerard, senior vice president and area executive of Center State Bank receiving the award on behalf of the bank, said they were “indeed honored” to receive the award.

“It’s a joy for each of us to serve this community. We love Lake Wales. We try to mold each branch to fit in each community,” he said.

The criteria for the award is the length of time the nominee has been in the community; the number of residents employed; the significant capital investments each has made to improve local operations and enable them to better serve their customers; community and employees; involvement in and contributions to various community organizations; and leadership provided by key management in local, statewide, civic and professional organizations.

On hand for the festivities were Durso’s daughter Asunta Durso Fleming and son Marc Durso.

“My whole family is very overwhelmed that we have this wonderful event yearly in my father’s name,” Fleming said.



Community National Bank Bought Out 

By Bill Rettew, Jr.
Staff Writer
Published: Wedn., Aug. 25, 2010 10:10 AM EDT

The former bank lobby of Community National Bank, Monday, could have easily been confused with a party site.

Festive balloons hung in the air and tables were covered with goodies to eat.

Bartow's locally-owned Community National Bank was purchased late Friday by CenterState Bank. Community Bank failed and was sold "without a premium" through a Federal Deposit Insurance Corporation assisted transfer, according to Dale E. Dryer, senior vice president of CenterState Bank.

Still, smiles were contagious, probably since staffers met with CenterState brass during the weekend and were "relieved and excited," said Dreyer.

Dreyer said all employees will keep their jobs and "not a single depositor lost a penny."

CenterState bought out every depositor, both those insured and uninsured, said Dreyer.

The company now has 14 branches in Polk County, with 27 overall, including branches in Marion, Orange, Indian River, Okeechobee and Hendry counties.

CenterState now controls 49 banks overall, with a yearly net income, as a December 31, 2009, of $4.7 million and total assets of $1.3 billion.

Bud Mears, former Community president and CEO, now Bartow CenterState executive, said Monday that a 40 percent drop in residential property values and a high concentration of residential loans led to the bank failure.

"It's more acceptable for people to have their house foreclosed on," said Mears.

Eighty percent of the bank's loan portfolio was residential loans, which five years ago was an indicator of a strong bank.

Obtaining property at diminished values through foreclosures eroded the bank's capital, said both Mears and Dreyer.

Mears, with 32 years of banking experience, said he is proud and excited to be working for CenterState and "a lot of loyal customers."




CenterState takes over Community National Bank in Bartow and Independent National Bank in Ocala.
By MATTHEW PLEASANT
THE LEDGER
Published: Saturday, August 21, 2010 at 11:49 p.m. 
WINTER HAVEN | CenterState Bank of Florida announced Saturday it had taken over two failed banks, adding five more branches and raising its assets to about $1.3 billion.

The Winter Haven-based company acquired Community National Bank at Bartow and Independent National Bank in Ocala through a deal with the Federal Deposit Insurance Corp.

The takeover occurred at the close of business Friday, when the FDIC informed employees at the two banks of the change, according to bank officials. The bank branches with weekend hours opened Saturday as CenterState branches.

The company now has 14 branches in Polk County and a total 27 in Florida. The addition is expected to raise the assets of its parent company, CenterState Banks Inc., to $2.3 billion, said John Corbett, president of CenterState Bank of Florida. CenterState Banks Inc. has its headquarters in Davenport.

The acquisition includes Independent National Bank's four branches Marion County and Community National Bank's location in Bartow, making it CenterState's first branch in the city. "We've always had an interest in being in the county seat," Corbett said. "This is a group of people who have been there longer than anyone. What really appeals to us is the longevity of the bank and its roots in the community." Many of the branches opened Saturday to explain the acquisition to customers. They seemed to accept the change without alarm, said Dale Dreyer, head of CenterState banks in West Polk County. "It was probably reassuring to customers and clients that it was a local bank," he said. "I think it was really the best outcome for them on many fronts."

George Durhan, head of CenterState Bank of Florida's banks in Marion County, said customers in the Ocala area reacted much the same. "Naturally, you've got some concern," Durhan said. "But it doesn't have quite the gut-wrenching reaction it used to because customers are realizing now the FDIC insurance fund works." The acquisition did not interrupt the deposits of customers, who are still able to access money as usual. Customers with deposits over insured limits set by the FDIC did not lose money either.

The transactions are the fourth acquisitions made recently by CenterState. In July it acquired the Olde Cypress Community Bank in Clewiston in a FDIC assisted transaction. On Aug. 9, CenterState announced it would be acquiring four branches of Mercantile Bank in Putnam County.

Independent National Bank, founded in 1988, had about $156 million in assets and $142 million in total deposits.

Community National Bank, which dates to 1984, had about $68 million in assets and $64 million in total deposits.

CenterState Bank of Florida, founded in 2000, went from a $1.1 billion institution to one of about $1.3 billion. The first-quarter report from Coral Gables-based BauerFinancial, which rates banks and credit unions based on assets, profits or losses and other factors, gave CenterState Bank of Florida five stars, its highest rating.

The company intends to keep the current employees of the banks. The FDIC has closed 112 banks in the nation and 22 in Florida alone this year, the agency reports. 



CenterState to Buy 4 Mercantile Bank Branches in Putnam County 
By citybizlist Staff
WI
NTER HAVEN, Fla. - CenterState Banks Inc. (Nasdaq: CSFL), the parent of CenterState Bank of Florida N.A., has entered into an agreement to buy all four Putnam County, Fla., branches of Mercantile Bank, a division of South Financial Group (Nasdaq: TSFG), according to an SEC filing.

 

The agreement by the Winter Haven, Fla.-based bank holding company includes as a party Cherry Hill, N.J.-based TD Bank N.A., whose Canadian parent TD Bank Financial Group (NYSE: TD) in May said it will buy South Financial Group, of Greenville, S.C., for $191.6 million. The merger has yet to close and faces at least one lawsuit from shareholders of South Financial.

Under the agreement, CenterState will acquire the four Mercantile Bank branches with deposits of $113 million, as of June 30, and a portfolio of performing loans worth $125 million at 90 percent of its value, or $112.5 million, plus accrued and unpaid interest. Further, CenterState will have the right to return to TD Bank any acquired loan that turns delinquent or needs to be written off as a loss.

The agreement will close after 90 days and has customary non-compete and termination clauses.




Clewiston bank closed by regulators
news-press.com
July 16, 2010- Olde Cypress Community Bank in Clewiston was closed today by federal regulators and its deposits were purchased by CenterState Bank of Florida, National Association, of Winter Haven. The bank was closed by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corp. as receiver, according to the FDIC.

All four branches of Olde Cypress will reopen Saturday as branches of CenterState. Depositors of Olde Cypress will automatically become depositors of CenterState. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship in order to retain their deposit insurance coverage.





Centerstate opens first Treasure Coast branch in Vero Beach

By Paul Ivice 
TCPalm.com
June 25, 2010 — After opening in mid-June, CenterState Bank’s first branch in the Treasure Coast already has collected $4 million in deposits.

The former home of Fletcher’s Appliance, a 4,071-square-foot building west of U.S. 1 on 20th Place, was transformed into a bank in two months in a $120,000 construction project designed by Vero architects Peirce & Associates.

CenterState’s Treasure Coast Region area executive Andy Beindorf assembled a staff that consists primarily of former IRNB employees. Beindorf was president of Indian River State Bank before it was acquired and stayed on with Royal Bank of Canada after it acquired the Alabama-based company that had bought IRNB,

CenterState Bank director Griffin Greene said, “CenterState is solidly established in Florida’s banking business with 38 offices in the central part of the state and $1.8 billion in assets.” Greene added, “The bank hopes to add other offices to its Treasure Coast network in the near future.”

Greene is the former IRNB chairman and president of Greene River Packing in Vero Beach.

CenterState Bank, an independent Florida-based bank, recently was rated five stars, the highest rating given, by BauerFinancial, an independent bank rating and research firm in Coral Gables. It is the only bank in the Treasure Coast to receive five stars.

CenterState Bank of Florida N.A., based in Winter Haven, is owned by a Davenport-based holding company, Centerstate Banks Inc. of Florida N.A., which has three other divisions in the state. Including the other divisions — in Kissimmee, Valrico and Zephyrhills — the holding company now has 39 branches and combined assets of nearly $1.8 billion. That would rank it near the top 10 among Florida-based banks, and about on par with Stuart-based Seacoast National Bank.

Beindorf said in a news release, “With a five-star BauerFinancial rating and nearly $2 billion in assets, we are uniquely positioned to quickly become one of the largest and strongest community banks on the Treasure Coast.”

Dan Bockhorst, senior vice president and senior lender, said some loans have already been closed, including some commercial lines of credit and one residential mortgage.

“Ultimately, we will probably end up with more dollars into commercial loans because they tend to be bigger,” Bockhorst said.

Where: 801 20th Place, just west of U.S. 1 between the “twin pairs” of State Road 60 east and west.
Hours: 9 a.m. to 4 p.m. Monday through Thursday, 9 a.m. to 6 p.m. Friday.
Phone: (772) 299-6860




Polk Banks, Credit Unions Hold Steady

By Rachel Pleasant
THE LEDGER
June 17, 2010- Stability is the theme of the most recent report looking at the health of banks and credit unions in Polk County.

The first-quarter report from Coral Gables-based BauerFinancial shows nearly all of the county's banks and credit unions maintained their star ratings from the previous quarter.

In fact, the only quarter-to-quarter change belonged to Winter Haven's Centerstate Bank of Florida, which improved its rating from four stars to five.

BauerFinancial assigns star ratings based on assets, profits or losses and other factors. The ratings range from zero stars to five, with five being the best.

BauerFinancial's president, Karen Dorway, said the fact that all of Polk's banks and credit unions held steady from last quarter is an encouraging sign.

"That's great news with the way things have been going," Dorway said.

"If you picture that we've been in a downward spiral, it appears that we're making that turn. It's not enough of a trend to say that definitively, but that looks like what's happening now."

It would take four full quarters of similar results to call these signs of stability a trend, Dorway said.

Dorway said BauerFinancial saw signs of stability across the state, which is especially good news because banking is a lagging indicator of the economy.

"It takes (financial institutions) longer to start coming back after a downturn. It takes time for customers to fall behind on payments and time for them to catch back up," she said.

"There's a feeling that banks have taken most of the losses they're going to take."

Still, Dorway said, that doesn't mean we're out of the woods since unemployment remains high; 12. 1 percent in April for Polk, according to the state's Agency for Workforce Innovation, compared to 9.7 percent in April 2009.

"That makes it hard to get any momentum," she said.

Centerstate Bank of Florida President and CEO John Corbett attributed his institution's positive performance in the most recent report to a willingness to work with customers and give concessions when necessary.

Also contributing to the added star was an improving capital ratio thanks to consistent quarterly profits - even during the downturn.

In the most recent report, Centerstate Bank of Florida had a quarterly income of $1.46 million.

Looking ahead, Corbett is optimistic about the financial industry, though he says the next couple of years won't be easy.

"When people are upside down on a house, you don't figure that out overnight," he said.

There are two changes of note in this quarter's report.

Wachovia is now owned by Wells Fargo Bank N.A.

Also, Riverside National Bank of Florida failed in April and merged with TD Bank NA.




CenterState Bank announces acquisition of key individuals from Silverton

June 12, 2009-Our bank has been privileged in the past year to welcome a highly professional and experienced team of correspondent bankers based in Birmingham, Alabama. As we look to serve the needs of banks in the Southeast, we recognize the need to expand our existing products and services.

We are pleased to announce a talent acquisition which will address this need while building on our strong foundation. Like many banks, our Bank had come to trust and rely on the products and services of Silverton Bank, especially their strong Capital Markets and Payments/Operations specialties.

Further, the customer service culture and quality of their correspondent banking officers has been a consistent trademark in the southeastern community banking markets they have serviced for the past twenty years. I am pleased to announce that several key Silverton employees will be joining the CenterState Bank Correspondent Team, led by Brad Jones (Senior Vice President - Capital Markets), and Brett Rawls (Senior Vice President - Business Development and Marketing). This trio will manage our newly expanded correspondent banking division, based in Atlanta, Georgia, beginning July 6, 2009.

The Capital Markets Team will consist of an elite, experienced group of investments sales professionals. Members include Joe Collins, Todd Patrick, Jim Hammack, Patty Gorman, Jim Bigger, Parker Grubbs, Rick Alspaugh, David Harris, Paul Clanton, and Kelly Crawford. Joining the Business Development Team will be Erik Bagwell, Rik Lane, Chris Wright, Shawn Gillis, Brad Reeves, and Guillermo Chiang. Brad, Kellie and Brett will continue building their teams over the next several weeks, and we will announce new additions as they join the organization.

We are excited about the opportunity to work with this group of seasoned and respected correspondent bankers. Our goal is to provide banks throughout the Southeast with essential correspondent services. We look forward to expanding our existing customer relationships, while creating new ones through this enhancement to our Team.

John C. Corbett
President and CEO




CenterState Bank of Florida welcomes commercial lender Evie McCutcheon

1/28/2009-Brett Barnhardt, Area Executive for the Winter Haven market of CenterState Bank of Florida, announced last month that Evie McCutcheon has joined his team as a Senior Vice President and Commercial Lender for the Polk County market. McCutcheon brings over 25 years of commercial banking experience to CenterState, and is a graduate of University of Central Florida and the Florida School of Banking.

Evie McCutcheon is married to Doug McCutcheon and they have 2 children. She is actively engaged in community leadership with the Community Foundation of Greater Winter Haven, Winter Haven Chamber, and various volunteer organizations.