Seacoast Banking Corporation of Florida (Seacoast) has closed the acquisitions of Sabal Palm Bancorp and Business Bank of Florida, Corp (BBFC).
Seacoast Banking Corporation of Florida is the holding company of Seacoast National Bank, Sabal Palm Bancorp is the parent company of Sabal Palm Bank, and BBFC is the parent company of Florida Business Bank.
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Following the mergers of Sabal Palm Bank and Florida Business Bank, Seacoast National Bank has become the surviving entity.
The completion of the acquisitions was effective on 3 January 2022.
Under the agreement, Seacoast paid approximately $53.9m in stock for Sabal Palm. Its banking arm had approximately $389m in deposits and $252m in the loan as of 30 September 2021.
The Business Bank of Florida, Corp transaction cost approximately $28.4m to Seacoast. As of 30 September 2021, Florida Business Bank had nearly $169m in deposits and $139m in loans.
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By GlobalDataSeacoast president and CEO Charles Shaffer said: “We are 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.
“We look forward to introducing them to our broad range of convenient and mobile-accessible products and services as well as Seacoast’s personalised brand of customer service.”
Seacoast is a community bank in Florida with $9.9bn in assets and $8.3bn in deposits as of 30 September 2021.
Seacoast National Bank operates 52 traditional branches and offers commercial and retail banking, wealth management, and mortgage services.
In March 2021, Seacoast brokered a deal to buy local rival Legacy Bank of Florida for around $102.2m.
