On August 29th we suggested buying CBKS which was then trading around $7.75. This was a tiny bans so we did it as a bonus pick and it looks like orders ahve been filled pretty regularly between 7.75 and $8 since. Today the bank annnounced a merger deal for $13.31 which is about a 70% gain for those who bouhgt shares.
On October 5, 2015, CenterState Banks, Inc. (the 'Company' or 'CSFL') entered into an Agreement and Plan of Merger ('Agreement') with Community Bank of South Florida, Inc. ('CBKS'), whereby CBKS will be merged with and into the Company (the 'Merger'). Pursuant to and simultaneously with entering into the Agreement, the Company's wholly owned subsidiary bank, CenterState Bank of Florida, N.A. ('CSB') and CBKS's wholly owned subsidiary bank, Community Bank of Florida, Inc. ('CB') entered into a Plan of Merger and Merger Agreement whereby CB will be merged with and into CSB simultaneously with the merger of CBKS with and into the Company.
Under the terms and subject to the conditions of the Agreement each outstanding share of CBKS common stock is entitled to receive either a $13.31 cash payment or 0.9148 shares of CSFL common stock provided however that the maximum aggregate cash payments shall in no event exceed $33,118,748.
