CenterState Bank and South State have inked an all-stock merger of equals to create a new regional bank with a total market value of around $6bn in the US Southeast.

CenterState Bank, which is based in Florida, is the parent company of CenterState Bank, a nationally chartered bank with $17bn in assets.

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It offers retail, commercial, wealth management, mortgage, and small business administration (SBA) services in Florida, Georgia and Alabama and neighbouring states.

Headquartered in South Carolina, South State is the parent company of South State Bank. It has nearly $15.9bn in assets.

The bank offers consumer, commercial, wealth management, and mortgage services in the Carolinas, Georgia, and Virginia.

Following the merger, the new entity will operate under the brand name South State Bank.

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It will be based in Winter Haven, Florida and will have nearly $34bn in assets and deposits of $26bn.

The merged entity will be headed by CenterState’s current CEO John Corbett, while Robert Hill, Jr., his counterpart at South State, will be the executive chairman.

Robert Hill, Jr. said: “We have great respect for John, the management team and the company CenterState has built. This is a great combination of cultures, which will create tremendous value for our shareholders.”

Following the completion of the deal, CenterState’s shareholders will own a nearly 53% stake in the new entity, while South State’s shareholders will own the remaining 47% stake.

The merger, which is subject to receipt of various approvals, is likely to conclude in the third quarter of this year.