Gateway to consistency

The 2016 mergers and acquisitions market for community banks on the Gulf Coast has been hot for at least the past year, and the latest sale fits the pattern: Big bank seeks to increase market presence in other parts of Florida through buying a smaller bank.

That's a core reason why Winter Haven-based CenterState Banks Inc. acquired Gateway Financial Holdings of Florida, parent company of Sarasota-based Gateway Bank of Southwest Florida, in a $142.5 million deal announced Nov. 30.

The deal also comes with a somewhat unusual element. At least five Gateway executives, including co-founder Shaun Merriman, have signed four-year contracts to stay with the bank. Most bank acquisitions come with one-year contracts, maybe two, plus a non-compete agreement.