A big Southeastern bank deal announced Monday morning will reshape Atlanta's banking business.
Florida's CenterState Bank Corp. (Nasdaq-GS: CSFL) will acquire Birmingham, Ala.'s, National Commerce Corp. (Nasdaq: NCOM) in a $850 million combination, creating a Southeastern regional bank with branches in Florida, Georgia and Alabama and combined deposits of $12.8 billion.
Both banks are players in the Atlanta banking market.
"This partnership not only strengthens our management team, but it also deepens our franchise in our core markets of Orlando, Tampa, Jacksonville, and Atlanta," said John Corbett, President and CEO of CenterState in a statement.
The deal is the latest in a series of bank mergers that are consolidating the Southeast banking landscape. Back in May, Atlanta-based State Bank Financial Corp. (Nasdaq: STBZ) and Houston's Cadence Bancorporation (NYSE: CADE) announced they are merging in a $1.4 billion deal. Then in July, Georgia's Synovus Financial Corp. announced it would buy Florida’s largest community bank, FCB Financial Holdings Inc., for $2.9 billion. Sharesholders of those companies will vote on that deal Thursday.
CenterState boosted its presence in the Atlanta banking market last April when it announced its purchase of Charter Financial Corp. in a $360 million deal. Charter Financial’s CharterBank had nearly a dozen branch offices in Atlanta. Then in September, CenterState CenterState dived deeper into Georgia, buying a mortgage team from State Bank Financial Corp.
National Bank of Commerce also expanded its presence in Atlanta earlier in 2018, buying Marietta-based First Landmark Bank in a deal announced in April.