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Seacoast to Acquire First Bank of the Palm Beaches for US 32.9m
Wednesday 27 November 2019

27 November 2019 - Florida, US-based Seacoast Banking Corp. of Florida (NASDAQ: SBCF), the holding company for Seacoast National Bank, has agreed to acquire First Bank of the Palm Beaches in a transaction valued at approximately USD 32.9m, the company said.
Pursuant to the terms of the merger agreement, First Bank, headquartered in West Palm Beach, will be merged with and into Seacoast Bank. Organised in 2006, First Bank has deposits of approximately USD 172m and loans of USD 150m and will increase Seacoast's deposits in Palm Beach County by 25% to approximately USD 821m.
Under the terms of the merger agreement, First Bank shareholders will receive 0.2000 shares of Seacoast common stock for each share of First Bank common stock.
Based on Seacoast's closing price of USD 29.53 as of Nov. 18, 2019, the transaction is valued at approximately USD 5.91 per share.
Closing of the acquisition is expected late in 1Q20 following receipt of approvals from regulatory authorities, the approval of First Bank shareholders and the satisfaction of other customary closing conditions.
Seacoast plans to grow its presence in Palm Beach County by adding First Bank's two branches to the six it currently operates in the market.
Sandler O'Neill and Partners, L.P. served as financial advisor and Alston and Bird LLP served as legal counsel to Seacoast. Keefe, Bruyette and Woods, Inc., a Stifel company, served as financial advisor and Gunster, Yoakley and Stewart, P.A. served as legal counsel to First Bank.
Seacoast Banking Corp. of Florida is a community bank with approximately USD 6.9bn in assets and USD 5.7bn in deposits as of September 30, 2019.
The company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, and 48 traditional branches of its locally branded, wholly owned subsidiary bank, Seacoast Bank.
Details
Date Published: 27/11/2019
Target: First Bank of the Palm Beaches
Country: USA
Deal Size: 32.9m (USD)
Sector: Banking/Financial Services
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Vendor:
Buyer: Seacoast Banking Corp. of Florida
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