STUART, Fla., March 13, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF), the holding company for Seacoast National Bank, announced today the completion of its acquisition of First Bank of the Palm Beaches, effective March 13, 2020, pursuant to the merger of First Bank with and into Seacoast.

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. The resulting aggregate merger consideration paid by Seacoast was approximately $21.9 million.

First Bank, headquartered in West Palm Beach, has deposits of approximately $173 million and loans of $143 million as of December 31, 2019. Prior to the merger, First Bank operated two branches in Palm Beach County. The acquisition increases Seacoast’s presence in Palm Beach County, one of the strongest and fastest growing market economies in Florida. The acquisition complements Seacoast’s prior acquisitions in this market, including Grand Bankshares, Inc. in 2015 and Palm Beach Community Bank in 2017.

“We warmly welcome First Bank’s customers and employees into the Seacoast family,” said Dennis S. Hudson, III, Seacoast Chairman and CEO. “We are confident they will readily enjoy our broad range of convenient and mobile-accessible products and services as well as Seacoast’s personalized brand of customer service.”

Transaction Details

Piper Sandler Companies served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast. Keefe, Bruyette & Woods, a Stifel Company, served as financial advisor and Gunster, Yoakley & Stewart, P.A. served as legal counsel to First Bank.

Customer Information

First Bank customers will benefit immediately from the merger with access to Seacoast’s full suite of digital banking products and local Florida-based customer service. Additionally, customers will have fee-free access to Seacoast ATMs and more than 1,100 Publix ATMs across the Southeast.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $7.1 billion in assets and $5.6 billion in deposits as of December 31, 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. Seacoast operates primarily in Florida, with concentrations in the state's fastest growing markets. The Company's offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties. More information about the Company is available at www.SeacoastBanking.com.