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CenterState Bank, South State merge in $6 billion deal

January 27, 2020 - CenterState Bank Corp. and South State Corp. announced Monday morning that have agreed to combine in an all-stock deal valued at about $6 billion. CenterState (Nasdaq: CSFL) is one of the largest banks in the Tampa-St. Petersburg area. CenterState shareholders will receive 0.3001 shares of South State (Nasdaq: SSB) common stock for each share of CenterState common stock they own, a news release said. CenterState shareholders will own approximately 53 percent and South State shareholders will own about 47 percent of the combined company. The combined company, with $34 billion in assets and $26 billion in deposits, will operate under the South State Bank name and will trade under the South State ticker symbol SSB on the Nasdaq stock market.  The company will be headquartered in Winter Haven, Florida, where CenterState is based.

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