STUART, Fla., April 7, 2017 /PRNewswire/ -- Seacoast
Banking Corporation of Florida
("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast
National Bank, today announced the completion of its acquisition of
GulfShore BancShares, Inc. ("GulfShore"), effective April 7, 2017. Immediately following the
merger, GulfShore Bank, GulfShore's wholly-owned subsidiary, merged
with and into Seacoast National Bank.
Pursuant to the merger, GulfShore common shareholders are
receiving a combination of 0.4807 shares of Seacoast common stock
and $1.47 in cash for each share they
own.
The acquisition of GulfShore Bank, a full-service community bank
serving the Tampa area since 2007,
adds approximately $343 million in
assets, $290 million in deposits and
$258 million in loans, bringing
Seacoast's total assets to approximately $5.0 billion as of March
31, 2017. GulfShore, which operates three branches – two in
Tampa and one in St. Petersburg – has built a strong core
deposit franchise, with 59% of total deposits in transaction
accounts, and has rapidly grown its high quality, diverse loan
portfolio.
"We are delighted to welcome GulfShore's customers and its
employees into the Seacoast family, and we look forward to
introducing Tampa's businesses and
households to our broad range of convenient and mobile-accessible
products and services," said Dennis S.
Hudson, III, Seacoast's Chairman and CEO.
Transaction Details
FBR & Co. served as exclusive financial advisor and
Cadwalader, Wickersham & Taft LLP served as legal counsel to
Seacoast. Sandler O'Neill & Partners, L.P. served as
financial advisor and Foley Lardner LLP served as legal counsel to
GulfShore.
Customer Information
GulfShore customers will benefit immediately from the merger,
with access to Seacoast's full suite of digital banking products,
along with 24/7 local Florida-based customer service. Additionally,
customers will have fee-free access to both Seacoast and GulfShore
ATMs, as well as to over 1,000 Publix ATMs across the
Southeast.
About Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida is one of the largest community banks
headquartered in Florida with
approximately $4.7 billion in assets
and approximately $3.5 billion in
deposits as of December 31, 2016. The
Company provides integrated financial services including commercial
and retail banking, wealth management, and mortgage services to
customers through advanced banking solutions, 47 traditional
branches of its locally-branded wholly-owned subsidiary bank,
Seacoast Bank, and five commercial banking centers. Offices stretch
from Ft. Lauderdale, Boca Raton and West
Palm Beach north through the Daytona Beach area, into Orlando and Central
Florida, and west to Okeechobee and surrounding counties. More
information about the Company is available
at SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking
Statements
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, including,
without limitation, statements about future financial and operating
results, cost savings, enhanced revenues, economic and
seasonal conditions in our markets, and improvements to reported
earnings that may be realized from cost controls and for
integration of banks that we have acquired, or expect to acquire,
as well as statements with respect to Seacoast's objectives,
expectations and intentions and other statements that are not
historical facts. Actual results may differ materially from
those set forth in the forward-looking statements.
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.
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SOURCE Seacoast Banking Corporation of Florida