Bank makes big move with $84M acquisition

Polk County-based CenterState Banks, already one of the fastest-growing community banks in Florida, has acquired the parent company of Platinum Bank for nearly $84 million.

Brandon-based Platinum Bank, under Platinum Bank Holding Co., operates seven branches in the Tampa-St. Petersburg-Clearwater and Lakeland-Winter Haven regions and had $584 million in assets through Sept. 30. Platinum Bank shareholders will each receive 3.7832 shares of CenterState common stock and $7.60 in cash for each outstanding share of the bank, according to a statement. That equates to an aggregate deal value of $83.9 million, the release adds, based on CenterState's closing price of $17.77 a share Oct. 17.

“We are delighted to announce this partnership with Platinum Bank,” CenterState President and CEO John Corbett, says in the release. “We want to extend a warm welcome to Platinum's employees and customers and we look forward to continuing their tradition of service in Polk, Hillsborough, and Pinellas counties.”