Seacoast Banking Corporation of Florida has entered into a definitive agreement to acquire local rival Legacy Bank of Florida in an all-stock transaction valuing around $102.2m.

As agreed, Legacy Bank shareholders will receive 0.1703 shares of Seacoast common stock for each share.

According to Seacoast’s closing price of $35.53 as of 23 March 2021, the transaction is valued at $6.05 per share.

The transaction is slated to complete in the third quarter of this year. The completion is subject to several closing conditions including regulatory approvals and green light from Legacy shareholders.

Once the deal completes, Legacy Bank of Florida will merge with and into Seacoast Bank.

As of 31 December 2020, the bank has five branches with nearly $432m in deposits and $482m in loans.

The acquisition will bolster Seacoast’s presence in the Dynamic Palm Beach and Broward County Marketplaces.

Seacoast president and CEO Charles M. Shaffer said: “Legacy Bank of Florida is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market.

“We see great opportunity in complementing its strengths with Seacoast’s innovation and breadth of offerings to grow our presence and expand our position in South Florida.

“The transaction is expected to be accretive to earnings in 2021 with minimal dilution of tangible book value, and will build upon our previous South Florida acquisitions adding scale in one of the fastest growing and dynamic markets in the US.”

In 2019, Seacoast signed a deal to acquire First Bank of the Palm Beaches. The deal was completed last year.