Seacoast Banking Corporation of Florida (Seacoast) has signed two separate agreements to acquire Sabal Palm Bancorp and Business Bank of Florida for approximately $82.3m.
Under the agreement, Sabal Palm shareholders are expected to receive 0.2203 shares of Seacoast common stock for each share of Sabal Palm common stock, valuing the transaction at approximately $53.9m.
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Business Bank of Florida shareholders are expected to receive 0.7997 shares of Seacoast common stock for each common stock held. Business Bank of Florida transaction is valued at approximately $28.4m.
Sabal Palm Bancorp is the parent company of Sabal Palm Bank, which has approximately $377m in deposits and loans of $272m as of 30 June 2021.
Florida Business Bank on the other hand has approximately $166m in deposits and loans of $136m as of the same period.
The deal will add approximately $600m in assets and four branches to Seacoast. Upon completion, the lenders will be merged into Seacoast.
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By GlobalDataSeacoast expects the acquisitions to deepen its presence in Brevard County and provide an entry into the Sarasota market.
Seacoast president and CEO Charles Shaffer said: “Both institutions are customer-focused franchises with an outstanding reputation for service excellence and deep customer relationships in their markets. We see great opportunity to complement their strengths with Seacoast’s innovation and breadth of offerings to grow our presence and expand our position in two very attractive Florida markets.”
Both the transactions are expected to close in the first quarter of 2022. They are subject to shareholder’s approval and other customary closing conditions.
