STUART, Fla., January 3, 2022 -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF) ("Seacoast"), the holding company for Seacoast National Bank, announced today the completion of its acquisitions of Sabal Palm Bancorp, Inc. (“Sabal Palm”), parent company of Sabal Palm Bank and of Business Bank of Florida, Corp. (“BBFC”), parent company of Florida Business Bank effective January 3, 2022. The mergers of Sabal Palm Bank and Florida Business Bank with and into Seacoast National Bank were also effective January 3, 2022 with Seacoast National Bank being the surviving financial institution.
Under the terms of the merger agreement, Sabal Palm shareholders received 0.2203 shares of Seacoast common stock for each share of Sabal Palm common stock held immediately prior to the merger and Sabal Palm option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 0.2203 exchange ratio. Under the terms of the merger agreement, BBFC shareholders received 0.7997 shares of Seacoast common stock for each share of BBFC common stock held immediately prior to the merger and BBFC option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 0.7997 exchange ratio.
Sabal Palm Bank, headquartered in Sarasota, FL had deposits of approximately $389 million and loans of approximately $252 million as of September 30, 2021. Florida Business Bank, headquartered in Melbourne, FL had deposits of approximately $169 million and loans of approximately $139 million as of September 30, 2021.
“We’re excited to enter the highly attractive and dynamic Sarasota market and to continue to grow our presence in Brevard County. We are delighted to welcome Sabal Palm Bank and Florida Business Bank customers and employees into the Seacoast family," said Charles Shaffer, Seacoast's president and chief executive officer. “We look forward to introducing them to 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 & Co. served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast on both transactions. Hovde Group LLC served as financial advisor to Sabal Palm and BBFC. Smith Mackinnon, PA served as legal counsel to Sabal Palm and Porter Wright Morris & Arthur LLP served as legal counsel to BBFC.
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