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CenterState Bank in Winter Haven, Fla., bought a failed bank Friday. John Corbett, the head of CenterState, hired the target's new CEO months ago. He has used that philosophy several times to expand — and doesn't plan to stop there.
January 31
CenterState Banks (CSFL) in Davenport, Fla.., is looking to slim down after spending much of the last three years bulking up through acquisitions.
The $2.1 billion-asset company said in a Securities and Exchange Commission filing Tuesday that it closed four branches in the first quarter, including three it inherited in January when it took over the failed Central Florida State Bank.
It also intends to close another branch in the second quarter and said it is evaluating more branch closings and other cost-cutting measures "as it works toward greater efficiency and further reduction in operating expenses."
CenterState has nearly quadrupled its assets in its home state since early 2009 with its acquisitions of six failed banks and one open bank. The deals have boosted the company's market share, but the roughly 50 branches it inherited in those deals have significantly added to the company's overhead. According to Federal Deposit Insurance Corp. data, its total noninterest expense for 2011 was $109 million, compared to $36.7 million three years earlier.
