Charter One wanted to sell itself quickly because it feared valuations had peaked, and CenterState was able to beat other potential suitors to the punch.
Nearly a third of the company's revenue will come from noninterest income after it buys SCB, which owns a large insurance and farmland management business.
The Virginia bank has submitted the paperwork for Carolina State Bank, adding to the list of groups looking to open the state's first de novo since 2009.
