Filed by South State Corporation
pursuant to Rule 425 under the Securities
Act of 1933
and deemed filed pursuant to Rule 14a-12
under the Securities Exchange Act of
1934
Subject Company: CenterState Bank Corporation
Commission File No.: 000-32017
For Immediate Release
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Media Contacts:
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Kellee McGahey (843) 529-5574
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Richard Murray (205) 313-8103
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South State Bank and CenterState Bank
select core provider
COLUMBIA, S.C. and WINTER HAVEN, F.L. – March 5, 2020
– South State Corporation and CenterState Bank Corporation announced today that as part of the integration efforts related
to the pending merger, the companies have selected the core provider. Fiserv will be the core provider for the combined company
and the core platform will be Fiserv Premier.
System conversion is still slated to be completed
in the first half of 2021. The merger itself is still expected to close in the third quarter of 2020, subject to satisfaction
of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of each
company.
Within the first 30 days of the merger announcement,
the companies have also announced an operating committee with equal representation from both companies and key business leaders
for the combined company, specifically the senior line of business leaders and the sales leaders in the geographic markets.
For more information about the merger between
South State and CenterState, visit BankingForward.com
About South State
South State Corporation is a financial services
company headquartered in Columbia, South Carolina with approximately $15.9 billion in assets. South State Bank, the company’s
primary subsidiary, provides consumer, commercial, mortgage, and wealth management solutions throughout the Carolinas, Georgia
and Virginia. South State has served customers since 1934.
About CenterState
CenterState operates as one of the leading
Southeastern regional bank franchises headquartered in the state of Florida. Both CenterState and its nationally chartered bank
subsidiary, CenterState Bank, N.A. (the “Bank”), are based in Winter Haven, Florida, between Orlando and Tampa. With
over $17 billion in assets, the Bank provides traditional retail, commercial, mortgage, wealth management and SBA services throughout
its Florida, Georgia and Alabama branch network and customer relationships in neighboring states. The Bank also has a national
footprint, serving clients coast to coast through its correspondent banking division.
Forward Looking Statements
Information in this communication, other than
statements of historical facts, may constitute forward-looking statements, within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements include, but are not limited to, statements about the benefits of the proposed merger of
South State and CenterState, including future financial and operating results (including the anticipated impact of the
transaction
on South State’s and CenterState’s respective earnings and tangible book value), statements related to the expected
timing of the completion of the merger, the combined company’s plans, objectives, expectations and intentions, and other
statements that are not historical facts. Forward-looking statements may be identified by terminology such as “may,”
“will,” “should,” “scheduled,” “plans,” “intends,” “anticipates,”
“expects,” “believes,” “estimates,” “potential,” or “continue” or
negatives of such terms or other comparable terminology.
All forward-looking statements are subject
to risks, uncertainties and other factors that may cause the actual results, performance or achievements of South State or CenterState
to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others,
(1) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than
anticipated to be realized, (2) disruption to the parties’ businesses as a result of the announcement and pendency of the
merger, (3) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement,
(4) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult
than expected or that the parties are otherwise unable to successfully integrate each party’s businesses into the other’s
businesses, (5) the failure to obtain the necessary approvals by the shareholders of South State or CenterState, (6) the amount
of the costs, fees, expenses and charges related to the merger, (7) the ability by each of South State and CenterState to obtain
required governmental approvals of the merger (and the risk that such approvals may result in the imposition of conditions that
could adversely affect the combined company or the expected benefits of the transaction), (8) reputational risk and the reaction
of each company's customers, suppliers, employees or other business partners to the merger, (9) the failure of the closing conditions
in the merger agreement to be satisfied, or any unexpected delay in closing the merger, (10) the possibility that the merger may
be more expensive to complete than anticipated, including as a result of unexpected factors or events, (11) the dilution caused
by South State’s issuance of additional shares of its common stock in the merger, (12) general competitive, economic, political
and market conditions, and (13) other factors that may affect future results of CenterState and South State including changes
in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital
markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological
changes; capital management activities; and other actions of the Federal Reserve Board and legislative and regulatory actions
and reforms. Additional factors which could affect future results of CenterState and South State can be found in South State’s
Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, and CenterState’s Annual Report
on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on
the SEC’s website at http://www.sec.gov. CenterState and South State disclaim any obligation and do not intend to update
or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a
result of new information, future events or otherwise, except as required by federal securities laws.
Important Information About the Merger and
Where to Find It
South State intends to file a registration
statement on Form S-4 with the SEC to register the shares of South State’s common stock that will be issued to CenterState’s
shareholders in connection with the transaction. The registration statement will include a joint proxy statement of South State
and CenterState that also constitutes a prospectus of South State. The definitive joint proxy statement/prospectus will be sent
to the shareholders of each of South State and CenterState in connection with the proposed merger. INVESTORS AND SECURITY HOLDERS
ARE URGED TO READ THE REGISTRATION STATEMENT AND JOINT PROXY STATEMENT/PROSPECTUS WHEN THEY BECOME AVAILABLE (AND ANY OTHER DOCUMENTS
FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION OR INCORPORATED BY REFERENCE INTO THE JOINT PROXY STATEMENT/PROSPECTUS)
BECAUSE SUCH DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION REGARDING THE PROPOSED MERGER AND RELATED MATTERS. Investors and security
holders may obtain free copies of these documents and other documents filed with the SEC by South State or CenterState through
the website
maintained by the SEC at http://www.sec.gov or by contacting the investor relations department of South State or CenterState
at:
South State Corporation
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CenterState Bank Corporation
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520 Gervais Street
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1101 First Street South, Suite 202
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Columbia, SC 29201-3046
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Winter Haven, FL 33880
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Attention: Investor Relations
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Attention: Investor Relations
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(800) 277-2175
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(863) 293-4710
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Before making any voting or investment decision,
investors and security holders of South State and CenterState are urged to read carefully the entire registration statement and
joint proxy statement/prospectus when they become available, including any amendments thereto, because they will contain important
information about the proposed transaction. Free copies of these documents may be obtained as described above.
Participants in Solicitation
South State, CenterState and certain of their
directors and executive officers may be deemed participants in the solicitation of proxies from the shareholders of each of South
State and CenterState in connection with the merger. Information regarding the directors and executive officers of South State
and CenterState and other persons who may be deemed participants in the solicitation of the shareholders of South State or of
CenterState in connection with the merger will be included in the joint proxy statement/prospectus related to the proposed merger,
which will be filed by South State with the SEC. Information about the directors and executive officers of South State and their
ownership of South State common stock can also be found in South State’s definitive proxy statement in connection with its
2019 annual meeting of shareholders, as filed with the SEC on March 6, 2019, and other documents subsequently filed by South State
with the SEC. Information about the directors and executive officers of CenterState and their ownership of CenterState common
stock can also be found in CenterState’s definitive proxy statement in connection with its 2019 annual meeting of shareholders,
as filed with the SEC on March 12, 2019, and other documents subsequently filed by CenterState with the SEC. Additional information
regarding the interests of such participants will be included in the joint proxy statement/prospectus and other relevant documents
regarding the merger filed with the SEC when they become available.
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