FIG Partners Advised Seacoast Banking Corporation of Florida In Acquisition Of Palm Beach Community Bank

FIG Has Now Completed 37 M&A Transactions Totaling More Than $2.4 Billion Since 2015

ATLANTA, May 5, 2017 — Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has agreed to acquire Palm Beach Community Bank under a definitive agreement announced May 4, 2017. 

AcquisitionSeacoast will merge Palm Beach Community Bank (PBCB) into its subsidiary, Seacoast National Bank. Based in West Palm Beach, PBCB has deposits of $281 million and loans of $290 million. The transaction will increase Seacoast’s assets by nearly 7 percent to approximately $5.03 billion.

PBCB shareholders will receive 0.9809 of a share of Seacoast common stock and $6.33 in cash for each share of PBCB stock. If Seacoast common stock trades above $22.75 or below $21.00, the exchange ratio will adjust in accordance with the merger agreement. 

Currently, the transaction is valued at approximately $71.2 million based on Seacoast’s 5-day trailing average closing price of $24.36 as of May 2, 2017, which results in an exchange ratio of 0.9161. The deal is expected to close in the third quarter of 2017. 

“This is a compelling acquisition that expands our footprint in Palm Beach County, part of Florida’s largest MSA,” said Dennis S. Hudson III, Seacoast Chairman and CEO. “The acquisition of Palm Beach Community Bank increases our market share and gives current and prospective Palm Beach customers immediate access to our products and services, delivered by our knowledgeable local team as well as mobile and online banking, our 24/7 local call center and access to our Publix ATM network.”

FIG Partners served as financial advisor to Seacoast. The lead banker in this transaction was Matthew Veneri, Managing Principal and Co-Head of Investment Banking. 

More information is available here.

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