Exhibit 99.1
FOR IMMEDIATE RELEASE
CenterState Banks, Inc. Announces Commencement of $65 Million Common Stock Offering
DAVENPORT, FL—July 27, 2009—CenterState Banks, Inc. (NASDAQ: CSFL) (the “Company”) announced today that it has commenced an offering of approximately $65 million of its common stock in an underwritten public offering through Keefe, Bruyette & Woods and Raymond James & Associates, Inc. The Company intends to grant the underwriters a 30-day option to purchase up to an additional 15% of the shares sold to cover over-allotments, if any. Keefe, Bruyette & Woods is serving as lead bookrunning manager of the offering, and Raymond James will be a co-manager.
The shares will be issued pursuant to a prospectus supplement filed as part of an existing effective shelf registration statement filed with the U.S. Securities and Exchange Commission (the “SEC”) on Form S-3.
The Company intends to use the net proceeds from this offering to finance the growth of its business. Subject to approval by the U.S. Department of the Treasury (the “Treasury”), the Company may also use a portion of the net proceeds of the offering to redeem some or all of the 27,875 outstanding shares (the “Preferred Shares”) of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, having a liquidation preference of $1,000 per share. The Preferred Shares were issued and sold to the Treasury in November 2008 under the Troubled Asset Relief Program Capital Purchase Program. A description of the terms of the Preferred Shares may be found in the Company’s Form 8-K filed with the SEC on November 24, 2008. The Company intends to use any available proceeds of the offering not used as described above for general corporate purposes.
This announcement shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The offering will be made only by means of a prospectus, copies of which may be obtained from Keefe, Bruyette & Woods, Inc., Equity Capital Markets, 787 Seventh Avenue, 4th Floor, New York, NY 10019 or by calling toll-free (800) 966-1559 or from Raymond James & Associates, Inc., Equity Syndicate, 880 Carillon Parkway, St. Petersburg, Florida 33716 or by calling toll-free (800) 248-8863.
About CenterState Banks, Inc.
The Company is a multi bank holding company which operates through four wholly owned subsidiary banks with 38 locations in ten counties throughout Central Florida. The Company’s stock is listed on the NASDAQ Global Select Market under the symbol “CSFL.”
Cautionary Note Regarding Forward-Looking Statements
Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange
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Act of 1934. These statements related to future events, other future financial performance or business strategies, and may be identified by terminology such as “may,” “will,” “should,” “expects,” “scheduled,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “potential,” or “continue” or the negative of such terms or other comparable terminology. Actual events or results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.
CONTACT
CenterState Banks, Inc.
Ernest S. Pinner, CEO, or James J. Antal, CFO, at 863-419-7750.
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