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KBRA Releases Comment on CenterState Bank Corporation’s Proposed Merger of Equals with South State Corporation

January 27, 2020 GMT

NEW YORK--(BUSINESS WIRE)--Jan 27, 2020--

Kroll Bond Rating Agency (KBRA) releases a comment on CenterState Bank Corporation’s (NASDAQ: CSFL) (“CenterState”) proposed merger of equals with South State Corporation (NASDAQ: SSB) (“South State”).

On January 27, 2020, CenterState Bank Corporation (KBRA senior BHC rating: BBB+) and Colombia, South Carolina-based, South State Corporation announced a proposed merger of equals, in which South State would become the legal surviving entity. In KBRA’s view, the transaction could be a potentially positive credit event for CenterState’s subordinated noteholders given the added scale and geographic diversity throughout the Southeast in mostly high-growth markets coupled with solid pro forma metrics and the prospect of improved core profitability. Moreover, given CSFL’s extensive history of successful bank acquisitions and integrations, KBRA anticipates a similarly smooth process for this transaction, which is expected to close in the third quarter of 2020.

To access the comment, click here.

The ratings are based on KBRA’s Bank & Bank Holding Company Global Rating Methodology published on October 16, 2019.

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About KBRA and KBRA Europe

KBRA is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider and is a certified Credit Rating Agency (CRA) by the European Securities and Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is registered with ESMA as a CRA.

View source version on businesswire.com:https://www.businesswire.com/news/home/20200127005721/en/

CONTACT: Analytical Contacts:

Thomas Curley, Associate

(301) 969-3245

tcurley@kbra.com

Shannon Servaes, CFA, CPA, Senior Director

(301) 969-3247

sservaes@kbra.com

Business Development Contact:

Dave DeMilt, Managing Director

(646) 731-3335

ddemilt@kbra.com

KEYWORD: NEW YORK UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Kroll Bond Rating Agency

Copyright Business Wire 2020.

PUB: 01/27/2020 05:25 PM/DISC: 01/27/2020 05:25 PM

http://www.businesswire.com/news/home/20200127005721/en