Centerstate Bank Analysis

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Centerstate Bank- Advertising Spend & Behaviors

CenterState Bank advertisers locally to its primary market and uses content marketing and its own website to further popularize its products and services. Additionally, the bank also uses the free Google location feature as an advertising platform to display relevant information to Google users.

Example 1

Example 2

  • CenterState Bank also uses content marketing to advertise itself.
  • The bank is moving away from magazines/newsletters, radio, print, and outdoor advertisement to a more digital-based platform.
  • It embraces content marketing by sharing videos, posts, and social blogs to reach existing and potential clients.
  • The company claims it will increase its social media and video production spend.
  • It uses this form of advertising to target specific populations through re-targeted ads and sponsored content since it does not believe in demographic targeting.
  • A sound example is how CenterState utilized Instagram to advertise its Saving makes Sense service to its existing customers.
  • The bank also posted a video on Facebook that targeted families, explaining how they are a family bank and that they value family.
  • One example of an advertisement through social media is its video wishing everyone a Happy Independence Day on Facebook.
  • Another exceptional advertisement by CenterState is a video on Facebook titled 'Local Market Drive' that highlights the markets they reach.

Example 3

  • CenterState Bank also advertises through its company website.
  • It contracted one of the premier digital marketing firms, Bayshore Solutions, to develop and design its website.
  • It highlights its key products on the website and provides the necessary information required to entice a customer/business to bank with them.
  • The bank advertises on the website using colorful pictures, indicating how individual bankers with CenterState Bank are always happy.
  • CenterState Bank uses this medium to reach individuals, small businesses, and corporate entities.

Example 4

  • CenterState Bank also uses the free Google location platform (most popular navigation platform) to advertise.
  • The bank discloses relevant product information specific to the indicated branch in Google location to further advertise it products.
  • The bank targets individuals or businesses that are looking for a bank location through Google location and provides them with additional information about their products.
  • Example of different messages from various branch locations:
"At the CenterState Bank branch in Stuart, FL., we aim to provide our customers with the best banking services in Martin County... Our services include residential and commercial lending in addition to treasury management services."

"At this convenient location, you'll be able to enjoy the service and support you are familiar with at all CenterState Bank locations. Specific services available at this location include wealth and treasury management, along with residential and commercial lending."

Marketing and Advertising Costs

  • Marketing and advertising cost for CenterState bank increased to $6.2 million in 2018 from $3.9 million in 2017.
  • The bank experienced a rise of 58.7% in its marketing expenses due to an increase in its digital advertising.

Research Strategy:

We were unable to find any specific amount regarding advertisement costs only for CenterState Bank after scouring the internet and reviewing industry databases. However, a thorough research into the company’s financial report provided the marketing costs for the bank for the years 2017 and 2018. The value found was given as the marketing and advertising costs since the company reports its marketing and advertising expenses as they accrue.
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Centerstate Bank- Analysis

CenterState Bank was founded in 1992 by a group of bankers and entrepreneurs. The Bank operates corporate offices in "44 counties throughout Florida, Georgia, and Alabama. The bank's Chief Operating Officer is Steve Young.

Centerstate Bank History

  • CenterState Bank was founded in 1992 by a group of bankers and entrepreneurs.
  • In 2000, the banks merged to form a holding company called Centerstate Bank.
  • CenterState Bank operates corporate offices in "44 counties throughout Florida, Georgia, and Alabama".
  • The bank also operates Correspondent offices in Atlanta, San Francisco, CA Winston-Salem, NC, among others.

Centerstate Bank Products/Services

  • The bank accepts deposits, "provides loan services, title and escrow services, commercial lending, equipment leasing, commercial real estate; and treasury and cash management" to businesses and individuals.
  • CenterState bank also offers a "wide range of lending, saving, legal, and support services for individuals, small businesses, and corporates."
  • The Bank currently provides "traditional retail, commercial, mortgage, wealth management, and SBA services."

Centerstate Bank Acquisitions

  • Centerstate Bank has acquired 20 companies.
  • These acquisitions are divided into 6 FDIC acquisitions and 14 non-FDIC acquisitions.
  • Some of the bank's recent acquisitions are National Commerce Corp (2018), Harbor Community Bank (2017), Sunshine Bank (2017), Gateway Financial Holdings (2016), Platinum Bank Holding (2016), and First Southern Bank (2014).

Centerstate Bank Growth

  • From a bank which was formed from the merger of three banks in 2000, Centerstate Bank has grown to over 134 locations in 19 years.
  • The bank currently has about 2,091 employees across its locations.
  • The bank's websites have over 792,895 monthly visits and a 7.69% growth rate.

Centerstate Bank Company Values

  • Centerstate Bank company values are "Local Market Driven, A Long Term Horizon, World Class Service, Relationship Banking, Faith, and Family."
  • The bank also has a history of being a community-focused bank while still providing quality services to individuals and businesses.

Centerstate Bank Target Market

  • CenterState bank prioritizes attracting and targeting "stickier commercial customers."
  • This approach has resulted in "three-quarters of the demand deposits" in the banks been commercial.
  • The banks also operate a low "cost of deposits" to encourage more commercials activities from businesses.
  • Centerstate Banks has shifted its "commercial lending to favor commercial real estate(CRE) and reduced its mortgage lending."

Centerstate Bank Brand Purpose

  • As a financial service institution, the bank also strives to respect the privacy of its customers and are committed to treating customer information responsibly.

Centerstate Bank Executive Team

Research Strategy

After a thorough research process, we could not identify information on the bank's key clients and brand purpose. We began the search for this information by scouring through multiple sources on the bank's website. Here, we hoped to identify information on the bank's clients and brand purpose. We also searched the bank's annual report filings and news section on her websites. However, information related to our search was not available. Data found were on the bank's history, product/services, among others.

Next, we searched for this information on company profiling databases such as Bloomberg, Forbes, Crunchbase, among others. Here, we identified the banks' number of acquisitions, financial data, growth data, among others. However, we were unable to find information relating to the banks' key clients and brand purpose.

Furthermore, we leveraged data from news and media publications. Our search efforts were instrumental in identifying data on the company's values, target market, awards, and ratings achieved, among others. We also found a source which contains data on Centerstate bank "mission statement." However, data on the bank's key clients and brand purpose could not be identified.

Lastly, we attempted to identify this information on research databases such as PRNewswire. We searched for recent research that may have featured the bank operations. We also expanded the scope of our search to include research that may have been carried out in the last five years. However, we were unable to identify actionable data on the bank's key clients and brand purpose.

It is essential to note that information such as a bank's bank's key clients and brand purpose can not be triangulated or inferred. These can only be publicly available if the bank publishes it. Therefore, our inability to locate them through rigorous search efforts indicates that the bank has not published this information on public data.

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Centerstate Bank- Customer Innovations

Construct, a cloud-based construction lending solution, VSoft corporation's OnView Business Deposit solution, and the Alloy Labs Alliance platform are three innovative/game-changing solutions leveraged by Centerstate Bank to acquire and maintain their customer base.


  • Centerstate Bank leverages Construct, a BankLabs' cloud-based construction loan management platform.
  • Construct is a banker-centric, web-based service that helps to automate the administration of post-close construction loans for lenders.
  • Construct eliminates the need for paper files and spreadsheets, mitigates the risk of over-funding projects, increases bank productivity, and improves builders' and borrowers' experiences.
  • According to Frances Mansour-Bergin, vice president and construction loan administration manager at Centerstate Bank, Construct has helped them to completely automate their loan administration, and inspection and draw processes, making the complex practices very quick and efficient. The process helped Centerstate Bank make the process of processing construction loans easy for everyone, including builders and borrowers.
  • Construct is proven to reduce loan administration costs by about 50%, identify and mitigate potential risks, and improves borrower-builder relationships via mobile access.
  • The second edition of the Annual Impacts award, which is independently judged by Celent, and identifies organisations that are using technology or services in innovative ways to better serve their customers and achieve tangible results, was awarded to Centerstate Bank for its innovative construction lending solution.


  • Centerstate Bank leverages VSoft corporation's OnView Business Deposit solution to offer the convenience of depositing multiple checks in a single deposit, to its more than 800 commercial remote deposit customers.
  • The convenience and cost savings of electronic deposit capture, and transmission to businesses that receive a regular volume of checks are extended by the OnView Business Deposit solution.
  • According to Jarrod Hurd, VP and treasury management director of CenterState Bank, OnView Business Deposit helps them fulfill their goal of having a long term partner to help them enhance their product offerings, especially for their commercial customers.
  • OnView Business Deposit leverages a single platform so that the commercial client can be set-up in the same place, using the same interface. This allows CenterState bank to deliver a unified set of risk management thresholds and a superior experience to its customers.
  • The solution enables role-based user management and self-administration, multi-location functions, as well as allowing the teller to focus on other revenue-driving activities while promoting less foot traffic in the bank.


  • Centerstate Bank, along with 11 other community/regional banks, founded Alloy Labs Alliance, which is a consortium approach to innovation and technology adoption for better customer service and satisfaction.
  • Alloy Labs is a platform that allows banks to identify shared opportunity, and then establish small workgroups to conduct deep-dives on some specific opportunities, or pain points.
  • Alloy Labs works on both customer-facing regulations and back-office efficiencies.
  • Alloy Labs Alliance is a shared innovation lab that reduces risks, lowers costs, and shortens the time between ideas and results.

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What does Centerstate Bank share on their correspondence & blog section and in news releases?

After scouring through the correspondence website of Centerstate Bank, we have found and presented insights pertaining to the content shared by Centerstate Bank on its blog. From our analysis, we have found that the blog of Centerstate Bank is bank centric, making posts which appeal to the general banker community. Its press releases only contain crucial information related to either bank's achievements or any new development.

Correspondence and Blog Posts

  • In a January 30th, 2019 blog post Centerstate Bank elaborated how Specialty Fitness has emerged as a niche market in the last three years. In the entire post, the bank detailed how banks can approach this new customer segment.
  • The bank made a blog post on the theme of improving bank leadership on November 26th, 2018. The post defined bankers' intent and how to include that in a better leadership communication model.
  • Going further from an earlier post on bank website productivity, Centerstate Bank made a blog post on March 20th, 2019 on how to draw more out of a banking website via personalisation. The post not only detailed the strategy, but also compared pros and cons of various website creating tools in terms of personalisation.
  • The bank made a blog post on July 23rd, 2019 addressing risk management for banks. The post explained how big banks discuss risk management and the related terminology they use.
  • On April 22nd, 2019 Centerstate bank made a blog post detailing the results from its User Experience Data it gathered by convening "415 customers and potential customers in order to get their opinion and usage data on what features and design they like the best." In the first part of 2-part duo of results, the bank detailed various user experience stats related to various mobile app features.
  • On September 4th, 2019 the bank made a post titled "10 Ideas For Our Bank We Got From Wegmans." The post which highlighted various principles of banking that Centerstate Bank found common with Wegmans. The post found common grounds between grocery and banking industry, and reflected on key components of its system such as 'Celebrations and Competitions', 'Intern/Associate Program', and 'Management By KPIs'.
  • The Centerstate Bank also has a separate segment of its 'Correspondence' website, called Market Commentary. In this segment, the bank analyses the contemporary happenings of financial importance and their impact on the banking industry.

Press Releases and Annual Releases


We scanned the blog posts for last 12 months and looked at all the past press releases for the purpose of our research. Though there were plenty of blog posts, all had a common form of advice or suggestion to banks and banking leaders in general. These suggestions ranged from strategies to increase margin and other metrics to finding a common ground with customers and attracting new ones via integration with new digital age. For the analysis of press releases, we found that company had not made any press release after 2017, therefore we went ahead and also incorporated its annual reports in our research. After studying the only few press releases available, we analyzed the annual report of 2018.
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Centerstate Bank- Customer Reviews

Most reviews on CenterState Bank are complaints centered around the poor functionality of the bank's online app and the ineffectiveness of its employees. However, there were a few positive reviews which centered around good banking and customer services.


  • sfsmith1 2019: "I've been with this bank long before it became Center State, back when it was Ocala National. No hidden fees and its great for us older seniors with their no fee programs."
  • Unknown 2016: "I've been banking at Center State for about three years now. What initially drew me in were the free ATM transactions at Publix (a local grocery store). Since there is a Publix seemingly on every corner, free ATM transactions are plentiful. This was always a problem with my old bank, since you can get charged upwards of $6 simply for taking out money."

  • JenniferEustance2 2014: "I started with this bank over two years ago, the customer service is amazing. They are always smiling and willing to help with any financial problems that you might have. They offer a $500 leeway for any transactions coming through in case you do not calculate properly or have something come out that you were unaware of. They are always just a phone call away and if your account needs some TLC they actually call you and let you know if there is something to do to bring it back up."
  • Unknown 2012: "I just got approved for a loan for my home renovations. They went through a lot to help me get the lowest interest rate and monthly payment. Patricia Louis went above and beyond to take her time with me and explain everything to me. She made sure I understood what I was signing, and she did not try to rush me at all. She was very no pressure; it was a phenomenal experience for being such a serious opportunity."


  • OhHeyNickiey 2019: "This is the worst app and worst bank I have ever had. The app doesn’t update, it gives wrong balance information because it’s not in real time. You can’t see your direct deposit until days later. Balances go up and down overnight. (It will tell me I have more in the account than what is supposed to be in there) The bank is trash! The app is trash and the customer service is trash. Just like the other review I wish I could give zero stars. I only have CenterState because they took over my previous bank and I’ve been having MAJOR issues ever since! Closing the account today. Also, there are multiple times a month when your account is “temporarily unavailable” and you can’t access your money and it declines your card. When you call they tell you they can’t help! Trash app trash customer service and even trashier bank!"
  • NealnValAcevedo 2019:"Page not found?! I can never open the app even if I delete and re-install it. Changing my bank because they still don't get things right."

  • S 2019: "Really bad customer service. Not small business friendly. don't waste you time beware! Staff has no financial sense. Will mislead you."
  • hayleetonkin 2019: "If I could give no stars I would!!!! have been with this bank for over 15 years and been through the many names that they have had and by far centerstate has been THE WORST! everybody who works at the bank is NOT nice. The people at the lockwood ridge branch is super unprofessional, not sure how some of those people work in costumer service. This bank is NOT business friendly what so ever! The supervisor at the palmetto branch could care less to keep my business. I have NEVER dealt with a bank who is so rude and unwilling to help or work with you. Also, if you have somewhat of a larger check they will with hold and then charge you if you overdraft even though you have a check sitting there that they WILL NOT release. I AM SO OVER IT!!!!!!!!!!"
  • Jan Middleton 2017: "Absolutely HORRIBLE Customer Service. Very slow & with nasty attitudes. No one seems to have a clue what they are doing & rules seem to change daily. Everyday basic banking like cashing checks & making deposits they make seem like rocket science & make it as difficult as they can from day to day. Just bizarre. I had enough of their b.s. after 5 years & closed my accounts. Now my family members have had enough of the horrible service so they are closing after 7 years. They will never see either of our several thousand dollars again!!!!"

Research Strategy:

To provide an analysis of customer reviews on CenterState Bank, the research team searched for reviews from credible third-party review websites to identify consumer posts from the past two years. There was limited availability of customer reviews on third-party websites. To provide a wider analysis of reviews, the team expanded the scope to include reviews that are older than 24 months. We also included reviews from third-party app websites to produce a generalized analysis of reviews from customers. Please note that some grammatical content was left intake and not corrected in order to preserve the spirit of the customers' quotes.
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Centerstate Bank- Social Media Analysis

An analysis of the social media activities of Centerstate Bank reveals that the core values of the bank that are often communicated on social media are centered on faith & family and world-class services. There are also few mentions of long term horizon and relationship banking as a way of attracting or retaining their customer base.


  • In this post, Centerstate Bank showed that they care for the community they serve and its people by assuring the people of the community that their safety is paramount to them in light of Hurricane Dorian.
  • They utilized social media to reassure their customers that family is the core of everything they do.
  • They also made this social media posts to assert that they "value the unique character of the communities they serve."
  • To appreciate the community heroes for their services, they made a social media video to salute them and notify them of a unique account they have design for them.



  • Centerstate Bank utilizes social media to communicate the efforts of the bank for the future and what they believe in, which is one of its core values.


  • Finally, Centerstate Bank uses social media to re-assure their community that they value the working relationship that exists between them. They believe that when their customers are successful, they are successful as well.


To provide an analysis of the social media activities of Centerstate Bank, Including Facebook, Twitter, and Instagram, your research team searched on the social media pages of the company. We found that they are only active on LinkedIn, Facebook, and Instagram. Also, contents posted on their social media pages are the same across all platforms.

From Part 01
  • "While we believe we can and do successfully compete with these other financial institutions in our primary markets, we may face a competitive disadvantage as a result of our smaller size, lack of geographic diversification, sophisticated Internet or mobile applications, and inability to spread our marketing costs across a broader market. Although we compete by 37 concentrating our marketing efforts in our primary markets with local advertisements, personal contacts, and greater flexibility and responsiveness in working with local customers, we can give no assurance this strategy will be successful."
  • "Military Deals USA’s success depends on your support of our advertisers. This outstanding military friendly business, CenterState Bank, deserves your patronage. So whether you call, drop in or visit their website, let them know that you are there because of their support of our veterans and Military Deals USA. Once you find out how great they are, tell your friends too!"
  • "CenterState offers powerful and resourceful tools that can simplify and streamline your daily business operations."
  • "For us, marketing in 2018 looks a lot like 2017 with some notable changes. Like this year, next year will continue the trend of more digital advertisement. This means more social media spend, more mobile allocation and more video production. Email and content will remain front and center, and we will be expanding our search term and search engine optimization. "
  • "Determining the right personal banking products to meet the needs of your lifestyle requires a lot of up front research. Our consumer banking department aims to provide options as unique as the people in the communities we serve. Whether you are in need of a checking account, savings account, credit card, or access to an array of online banking services, we’re here to help simplify your banking life. Learn more about our personal banking products below and find the perfect option to plan for your future:"
  • "Work with our growth-minded team on your new website, digital marketing campaigns and more."
  • "From CenterState Bank 'We’re excited for the opening of our Port Orange branch location. At this convenient location, you’ll be able to enjoy the service and support you are familiar with at all CenterState Bank locations. Specific services available at this location include wealth and treasury management, along with residential and commercial lending.'"
  • "'At the CenterState Bank branch in Stuart, FL., we aim to provide our customers with the best banking services in Martin County. Come visit our branch located on South East Monterey Road directly across from the Martin County Parks and Recreation Department. Our services include residential and commercial lending in addition to treasury management services. For added convenience, our Stuart branch offers extended drive thru hours and ATM services.' People also search for"
  • "Our bank is built on life-long friendships. We communicate with candor and transparency. We believe that the relationship is more valuable than the transaction."
  • "CenterState recently launched a new, FREE service for our customers! “Saving Makes Sense” is a debit card round-up service which encourages saving – by rounding up each of your debit card transactions and transferring the excess to your savings account. Please see a Customer Service Representative in your local branch to enroll! 💰👌"
  • "You Serve Your Community, Let Us Serve You! The vital role that you play in our community is very much appreciated and respected. It’s our pleasure to salute our Community Heroes. CenterState offers an account to those who go above and beyond the call of duty."
  • "Banks can now produce display ads, retargeted ads, sponsored content, and email offers to target distinct populations like:"
  • "In the age of personalized, data-driven marketing, demographics mean little. When a person wants to switch banks, it doesn’t matter if they are 60-year-old married man or a 19-year-old suburban woman. If your bank can educate itself on deciphering intent, you can distance yourself from the competition that is still sitting in PowerPoint presentations about millennials."
  • "At CenterState we believe that family is the core of everything that we do. Watch this video to see what #faithandfamily means to us."
  • "Looking to drive more foot traffic to your local store? Here’s a simple guide to advertising on the world’s most popular navigation platform."
From Part 04
From Part 06