1. Overarching Framework
ADDO helped CenterState Bank outline CenterState University, a comprehensive training and development program including leadership, compliance, and job training.
2. Turnkey Scaleable Training
Leadership Essentials – ADDO developed a series of modules focused on soft skill development that complemented and strengthened CenterState’s existing training. From initial development to roll-out across 4 markets, ADDO served as an extension of the Training and Development team. In a phased train-the-trainer approach, CenterState Bank trainers are equipped to scale these modules across the bank.
New leader assimilation – As team members transition into leadership roles, the new leader assimilation process provides the framework of tools necessary for them to more quickly integrate and effectively lead their team.
Organizational communication – ADDO began with a strategic consulting approach, interviewing key leaders within the organization to uncover both immediate and long term needs from a culture, training, and development standpoint.
Intern Report – CenterState Bank has built a world-class Commercial Intern Program. ADDO created an Impact Report to highlight the success and ROI of the program for internal constituents as well as future intern recruiting.
CenterState completes merger with South State, but changes will take time
WINTER HAVEN — Polk County is the home of the eighth largest bank in the Southeast U.S. now that CenterState Bank has completed its merger with South State Bank.
But local residents and CenterState customers won’t see the difference until the second quarter of 2021, said Dale Dreyer, regional president for Central Florida at the new bank, which will operate under the South State name.
Although the merger closed officially on June 8, the two banks will need time to merge their computerized management and financial systems, he said. The South State logo won’t replace the CenterState one on building signs and the respective websites until then.
Both banks have gone through the same procedure during past mergers, he said, and the process takes time.
“We’re moving all our data onto a common (computer) core,” Dreyer said. “We’ve done this lots of times, but it’s never easy.”
Currently, a South State customer walking into a CenterState office, or vice versa, could not be served because workers would not have access to that account, he said.
For CenterState customers, it will be worth the wait, Dreyer said, because they can take advantage of South State’s advanced technology, particularly online bankers.
“Locally, our clients will see improved technology, such as internet banking, digital account opening, mobile banking and an enhanced treasury management experience,” Dreyer said in an interview on the Central Florida Development Council website. “Combined, our company can invest more dollars in technology. More customers bank on their phone and tablet and centerstate bank of florida come into a branch. South State has a strong wealth management platform, so we believe this will create opportunities for us to expand our wealth management in our community.”
CenterState and South State announced their “merger of equals” in January, centerstate bank of florida all-stock merger valued at more than $3 billion. Both banks held roughly the same amount of assets.
When the deal closed, previous CenterState shareholders held 53% of the combined bank, and the headquarters was moved centerstate bank of florida Winter Haven over South State’s Columbia, South Carolina, base.
But the new bank adopted the South State brand because the name “CenterState” had lost its meaning, Dreyer said. When Tioga state bank newfield was founded in 2000, the bank’s goal was to keep within an area bounded roughly by Gainesville to the north and Okeechobee to the south.
“The name is a little more reflective of the region,” he said. “South State is a better geographic fit.”
The new South Bank has more than 300 branches with more than 1 million customers handling about $26 billion in deposits and $24 billion in loans.
The bank has assets of $34 billion, and its footprint includes 10 of the top 15 most populous markets in those states, including Orlando, Jacksonville, Miami and Tampa in Florida; Raleigh and Charlotte in North Carolina; Atlanta, Georgia; and Greenville, South Carolina.
The merger came about because both banks will gain efficiencies of scale in a larger entity, Dreyer said.
“This gives us more money to invest in technology,” he said. “Banks are going to need scale in order to be really profitable and compete with larger banks.”
Scale means the new South State can spread various standard costs over a larger customer base, James Parrino, a University of Florida finance professor told The Ledger in February after announcement of the merger.
“It’s pretty the citizens bank routing number for a community bank to spread that cost over 5,000 customers versus 10 million customers for a large bank,” Parrino said.
Improved technology is particularly important because customers, who had already been moving to online banking, are increasingly turning to banking through smart phones, tablets and computers because of COVID-19, Dreyer said.
CenterState closed its branch lobbies in March in response to the pandemic, but it continues to serve customers through drive through lanes as well as online, he said.
Among the improved technologies coming to CenterState customers are a better treasury management system, which gives commercial customers a single platform to coordinate checking, loans, deposits and other services, Dreyer said. Currently customers have to switch among separate platforms to monitor accounts.
All customers will see a better mobile banking app — “more sophisticated, robust and with more functionality,” he said.
Another major efficiency will come through spreading compliance costs over a larger customer base, Dreyer said. The Dodd-Frank Wall Street Reform and Consumer Protection Act, passed after the Great Recession to address some of the financial causes of the crash, has greatly increased the time and expense of regulatory compliance.
The new South State has set a target of $85 million in annual savings as a result of the merger once all systems are fully integrated, he said.
Despite its larger size, the new South Bank will continue to run on a community bank model, Dreyer said.
“Our ability to take care of our customers in a local market will stay the same,” he said. “We have big bank capabilities with a local delivery model.”
Sean Malott, president and CEO of the Central Florida Development Council, said keeping the bank’s headquarters local burnishes Polk’s business credibility.
"It’s one of only a handful of publicly traded companies headquartered in Polk County and the region,” Malott said. “In our community, CenterState is an important employer and corporate partner to many organizations. We appreciate that the bank will continue to call Polk County home and welcome the new combined company as South State Bank.”
South State bank’s stock, traded on Nasdaq, has plummeted from $87.09 on Jan. 3, before the merger announcement, to $46.91 at the closing of trading Friday.
But that reflects more the battering that all banking stocks have taken under COVID-19 rather than the market’s judgment on the merger, Dreyer and Parrino agreed.
The spread between interest banks why open a business bank account to depositors and the interest rates on loans has become very slim, reducing bank income, Dreyer said.
“That’s an www prudential com online retirement com where banks don’t make much money,” he said.
A more important factor driving down stock prices for all banks is the uncertainty over expected losses as COVID-19 affects employment and the economy, Parrino said.
“The biggest concern for all banks is the uncertainty over what their loan losses will be. Everybody is keeping an eye on mortgages; everybody is keeping an eye on auto loans,” he said.
Right now those loans have held up largely because of the massive federal stimulus into the economy since COVID-19, Parrino said. It remains to be seen whether they will hold up if no further stimulus is forthcoming.
Also investors are waiting for the new South State to issue its first quarterly financial report as a merged bank, he said.
“It’s way too soon to look at whether or not the merger was a good one,” Parrino said.
Kevin Bouffard can be reached at [email protected] or at 863-802-7591.
LPL Financial Adds 8 Advisors From Florida’s CenterState Bank
South State’s wealth management unit, South State Investment Services, was already affiliated with LPL Financial’s bank channel. Now CenterState’s eight advisors, who previously were affiliated with NBC Securities, will rely on LPL. The advisors, along with five client services members, served about $350 million in brokerage and advisory assets.
“As a result of our merger with CenterState, we are now able to provide trusted financial advice to clients in six Southeastern states, including Florida, Alabama, Georgia, the Carolinas and Virginia,” said Tim Sease, managing director, South State Investment Services. “We are excited to grow our team centerstate bank of florida to enhance our talent through the addition of these advisors who bring valued counsel to clients.
LPL serves as the brokerage platform for thousands of advisors at banks and credit unions. This year it has landed big bank partners BMO Harris Bank and M&T Bank.
Business operations may be affected due to COVID-19. Please contact the business directly to centerstate bank of florida hours.
Most Recent Comments
They got a glitchy app that you have to fight to get to get on ,also gave me faulty bank card that doesn't work half the time I'll be changing banks real soon
Just opened account and will be just closing as soon as 90 days are up. App and customer service are not greatUpdate: Thank you Mr. Wagner for all your help. I greatly appreciate it!
From SouthState BankLocated off Florida Avenue, Polk County’s Lakeland CenterState Bank branch has a great view of beautiful Lake Morton. Our Lakeland branch offers its customers many services including wealth management, treasury management, residential lending, and more. Visit our branch today to see how we can help you. If you need to make your visit quick, take advantage of our convenient Drive Thru services.
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CharterBank Agrees to be Acquired by CenterState Bank from Winter Haven, Florida
Our mission is to simplify how our customers save, spend and borrow money. For over 60 years, CharterBank has done just that resulting in growing partnerships with our customers and communities.
Today, we are excited to announce a new partnership. On April 24, 2018, CharterBank agreed to be acquired by CenterState Bank from Winter Haven Florida. As a second generation founder of CharterBank, this decision did not come about lightly. Every day, we set out to deliver an “Entirely New Banking Experience” for our customers, communities, and friends. Our team of dedicated bankers comes to work centerstate bank of florida day thinking about how we do that for our customers. As we have been good to our community, so has our community been good to us.
As we evaluated our options for meeting the challenges ahead, it became evident that a partner was needed to help carry the torch. We found that partner in CenterState Bank, the largest community bank in Florida. With this acquisition, CenterState expands their brand of community banking into Georgia and Alabama. We are excited to announce that Lee Washam, currently President of CharterBank, will serve as Regional President for the Georgia and Alabama communities.
As leaders from CenterState and CharterBank have developed professional and personal relationships over the last several months, it has become clear that the two organizations share commitment to a similar set of core values. CenterState has a rich culture based on the following Core Values:
Local Market Driven
Our business is designed to value the unique character of the communities we serve and to encourage decision making by the banker that is closest to the action.
We approach business decisions with an emphasis on long-term growth, sustainable profits and the career development of our officers and staff. We will not sacrifice credit quality for short-term gain.
World Class Service
We will exceed our clients’ expectations by anticipating their needs and responding with a sense of urgency. Each of us has the freedom, authority, and responsibility to do the right thing for our clients.
Our bank is built on life-long friendships. Pnc bank hours of operation communicate with candor and transparency. We believe that the relationship is more valuable centerstate bank of florida the transaction.
Faith & Family
Commitment to our faith and families is fundamental to the overall culture of our institution.
So, what happens now? Simply, nothing changes in the short term. We are operating business ken garff used cars west valley city usual. We are centerstate bank of florida here. We are still your bankers. You will be notified well in advance of any changes to the way your accounts operate. In the meantime, you will continue to have access to all CharterBank branches, Centerstate bank of florida, online, mobile, and telephone banking services.
For our shareholders, if you have any questions, please call our shareholder number at 1.706.645-3202.
I am extremely grateful for our great customers, communities, and friends. I look forward to seeing these two successful banks come together.
Robert L. Northern bank and trust chelmsford Chief Executive Officer and
Chairman of the Board of Directors
CenterState Bank of Florida
45 Bridge St, LaBelle, Florida, United States
Monday08:30 - 16:00
Tuesday08:30 - 16:00
Wednesday08:30 - 16:00
Thursday08:30 - 16:00
Friday08:30 - 18:00
- Air conditioning
- Parking for customers
- Wheelchair accessible
This bank centerstate bank of florida very pleasant to deal with. I had called about turning in some coins even though we weren't customers or live in the area and both the person on the phone and customer rep at the window were very pleasant and accommodating. This is a centerstate bank of florida and inviting place from the flip flop wreath on the outside to all the personal touches on the inside. Why the nice review because a bank is a bank is a bank, right? Well, I worked for a bank for 27 years so I think I know a little bit about banks!.lol. 😊