CenterState Bank (CSFL) has signed a definitive agreement to acquire Charter Financial, the parent company of Georgia-based CharterBank.

Under the terms of the agreement, Charter stockholders will receive 0.738 of a CSFL common stock share and $2.30 in cash consideration for each outstanding share of Charter common stock. The aggregate deal value is expected to be $360.1m.

As of 31 March 2018, the combined company has forma total assets of $12bn, gross loans of $8bn, deposits of $9.5bn and market capitalisation of nearly $2.5bn.

The acquisition will enable CenterState to strengthen its presence in Georgia and Alabama for commercial banking.

Following the completion of the deal, CharterBank president Lee Washam will join CenterState as Regional President for Georgia.

CenterState CEO and president John Corbett said: “Our partnership with Charter allows us to expand our franchise into Georgia and Alabama, with a stable organisation built upon a strong core deposit base and deeply rooted in the communities they serve.

“We are particularly excited to be able to have a traditional banking presence in the Atlanta area – a market we know well.”

The completion of the deal is subject customary closing conditions.