STUART, Fla., Jan. 2, 2014 /PRNewswire/ -- Seacoast
Banking Corporation of Florida
("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast
National Bank, announced that it has redeemed all of its 2,000
shares of Fixed Rate Cumulative Perpetual Preferred Stock, Series A
(the "Series A Preferred Stock") for an aggregate price of
$50,000,000, the face liquidation
amount of the shares, plus approximately $368,000 of accrued but unpaid dividends.
Originally issued to the Treasury Department under the Capital
Purchase program and subsequently auctioned to private investors,
the shares were redeemed from current holders through The
Depository Trust Company as securities depository for the Series A
Preferred Stock.
(Logo:
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This announcement, as well as additional information (including
the Company's Notice of Redemption with respect to the redemption
of the Series A Preferred Stock), can be found on Seacoast's
website: www.seacoastbanking.net.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks
headquartered in Florida with
approximately $2.1 billion in assets
and $1.7 billion in deposits as of
September 30, 2013. The Company
provides integrated financial services including commercial and
retail banking, wealth management, and mortgage services to
customers through 34 traditional branches of its locally-branded
wholly-owned subsidiary bank, Seacoast National Bank, and five
Accelerate offices fueled by the power of Seacoast National
Bank. Offices stretch from Broward
County north through the Treasure Coast and into
Orlando, and west to Okeechobee and surrounding counties.
More information about the Company is available at
http://www.seacoastbanking.net.
Forward Looking Statement Disclaimer
This press release contains "forward-looking statements" within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements include statements with respect to
our beliefs, plans, objectives, goals, expectations, anticipations,
estimates and intentions, and involve known and unknown risks,
uncertainties and other factors, which may be beyond our control,
and which may cause the actual results, performance or achievements
of Seacoast to be materially different from future results,
performance or achievements expressed or implied by such
forward-looking statements. You should not expect us to update any
forward-looking statements.
You can identify these forward-looking statements through our
use of words such as "may," "will," "anticipate," "assume,"
"should," "support", "indicate," "would," "believe," "contemplate,"
"expect," "estimate," "continue," "further", "point to," "project,"
"could," "intend" or other similar words and expressions of the
future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation:
regulatory approval of the redemption may take longer than expected
and may not occur at all, the effects of future economic and market
conditions, including seasonality; governmental monetary and fiscal
policies, as well as legislative, tax and regulatory changes;
changes in accounting policies, rules and practices; the risks of
changes in interest rates on the level and composition of deposits,
loan demand, liquidity and the values of loan collateral,
securities, and interest sensitive assets and liabilities; interest
rate risks, sensitivities and the shape of the yield curve; the
effects of competition from other commercial banks, thrifts,
mortgage banking firms, consumer finance companies, credit unions,
securities brokerage firms, insurance companies, money market and
other mutual funds and other financial institutions operating in
our market areas and elsewhere, including institutions operating
regionally, nationally and internationally, together with such
competitors offering banking products and services by mail,
telephone, computer and the Internet; and the failure of
assumptions underlying the establishment of reserves for possible
loan losses.
All written or oral forward-looking statements attributable to
us are expressly qualified in their entirety by this cautionary
notice, including, without limitation, those risks and
uncertainties described in our annual report on Form 10-K for the
year ended December 31, 2012 under "Special Cautionary Notice
Regarding Forward-Looking Statements" and "Risk Factors", and
otherwise in our SEC reports and filings. Such reports are
available upon request from the Company, or from the Securities and
Exchange Commission, including through the SEC's Internet website
at http://www.sec.gov.
SOURCE Seacoast Banking Corporation of Florida