STUART, Fla., Oct. 20, 2017 /PRNewswire/ -- Seacoast Banking
Corporation of Florida
(NASDAQ-NMS: SBCF), the holding company for Seacoast National Bank
("Seacoast Bank"), announced today the completion of its
acquisition of NorthStar Banking Corporation ("NSBC"), effective
October 20, 2017. Immediately
following the merger, NorthStar
Bank, NSBC's wholly-owned subsidiary, merged with and into
Seacoast Bank.
Under the terms of the definitive agreement, each share of NSBC
common stock was converted into the right to receive (i) 0.5605 of
a share of Seacoast common stock and (ii) $2.40 in cash (or $16.12 per share of NSBC common stock). The
aggregate transaction value, including options, is approximately
$32.5 million.
The acquisition of NSBC, headquartered in Tampa, adds approximately $213.7 million in assets, $169.6 million in deposits and $138.7 million in loans, increasing Seacoast's
total assets 4% to $5.5 billion as of
June 30, 2017. NSBC operates
three branches in the Tampa MSA, enhancing Seacoast's presence in
the regions, and expands on Seacoast's acquisition of GulfShore
Bancshares, Inc., also headquartered in Tampa, which closed in April 2017.
"We are delighted to welcome NSBC'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
Raymond James & Associates,
Inc. served as financial advisor and Alston & Bird LLP served
as legal counsel to Seacoast. Sandler O'Neill & Partners, L.P.
served as financial advisor and Bush Ross, P.A. served as legal
counsel to NSBC.
Customer Information
NSBC 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 NSBC ATMs, as well as to over 1,100 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 $5.3 billion in assets
and $4.0 billion in deposits as of
June 30, 2017. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, 46 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 the adjacent
Tampa market, and west to
Okeechobee and surrounding
counties.
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.
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: 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. The risks relating to the NSBC merger
include, without limitation: unexpected transaction costs,
including the costs of integrating operations; the risks that the
businesses will not be integrated successfully or that such
integration may be more difficult, time- consuming or costly than
expected; the potential failure to fully or timely realize expected
revenues and revenue synergies, including as the result of revenues
following the merger being lower than expected; the risk of deposit
and customer attrition; any changes in deposit mix; unexpected
operating and other costs, which may differ or change from
expectations; the risks of customer and employee loss and business
disruption, including, without limitation, as the result of
difficulties in maintaining relationships with employees; increased
competitive pressures and solicitations of customers by
competitors; as well as the difficulties and risks inherent with
entering new markets.
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, 2016, 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.
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SOURCE Seacoast Banking Corporation of Florida