STUART, Fla., Feb. 15, 2017 /PRNewswire/ -- Seacoast Banking
Corporation of Florida (NASDAQ:
SBCF), the parent company of Seacoast National Bank (the "Company"
or "Seacoast"), today announced the pricing of the previously
announced underwritten public offering of 7,750,000 shares of its
common stock, consisting of 2,350,000 shares to be sold by the
Company and 5,400,000 shares to be sold by one of its stockholders,
CapGen Capital Group III LP ("CapGen"), at a price to the public of
$22.25 per share. The Company
and CapGen have also granted the underwriters a 30-day option to
purchase up to an additional 352,500 shares from the Company and up
to an additional 810,000 shares from CapGen at the public offering
price, less the underwriting discount.
The Company will receive gross proceeds from the public offering
of approximately $52.3 million.
The net proceeds to the Company, after deducting the underwriting
discount, but before expenses, are expected to be approximately
$49.4 million. The Company
intends to use the net proceeds from the offering, including any
net proceeds from the underwriters' exercise of its option to
purchase additional shares, for general corporate purposes,
including potential future acquisitions and to support organic
growth. The Company will not receive any proceeds from the
sale of the shares by CapGen.
Guggenheim Securities, LLC and Sandler O'Neill & Partners,
L.P. are serving as joint book-runners for the
offering. Raymond James & Associates, Inc. will serve as
lead manager.
The Company expects to close the transaction and deliver the
shares, subject to the satisfaction of customary closing
conditions, on or about February 21, 2017.
Additional Information Regarding the Offering
The common stock is being offered and sold pursuant to two
effective shelf registration statements on Form S-3 (File Nos.
333-194712 and 333-206588) filed by the Company with the Securities
and Exchange Commission ("SEC") and only by means of a prospectus
supplement and accompanying prospectus relating to the applicable
registration statement. A preliminary prospectus supplement and a
free writing prospectus have been filed with the SEC to which this
communication relates. Prospective investors should read the
preliminary prospectus supplement, the free writing prospectus and
the accompanying prospectuses and other documents the Company has
filed with the SEC for more complete information about the Company
and the offering. These documents are available at no charge
by visiting the SEC's website at http://www.sec.gov. Alternatively,
copies of the preliminary prospectus supplement, the accompanying
prospectuses, the free writing prospectus and, when available, the
final prospectus supplement related to the offering may be obtained
by contacting: Guggenheim Securities, LLC at Attention: Equity
Syndicate Department, 330 Madison Avenue, 8th Floor,
New York, NY 10017, by email at
GSEquityProspectusDelivery@guggenheimpartners.com, or by phone at
212-518-9658, or Sandler O'Neill & Partners, L.P., 1251 Avenue
of the Americas, 6th Floor, New York, New
York 10020, Attn: Syndicate Operations, or by phone at
1-866-805-4128.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any offer or sale of any securities in any state or jurisdiction in
which such an offer, solicitation or sale would be unlawful.
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 $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.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and such statements are intended to be covered by the safe harbor
provided by the same. Words such as "expects," "will," "intends,"
"anticipates," "plans," "believes," "seeks," "estimates" and
variations of such words and similar expressions are intended to
identify such forward-looking statements. Such statements,
including but not limited to those regarding whether the offering
will close and the use of the net proceeds therefrom, are based on
currently available information and are subject to various risks
and uncertainties that could cause actual results to differ
materially from Seacoast's present expectations. These risks and
uncertainties include, but are not limited to, market conditions
affecting the offering and a deterioration in national or local
economic conditions. Undue reliance should not be placed on such
forward-looking statements, as such statements speak only as of the
date on which they are made. Seacoast undertakes no obligation to
update such statements to reflect facts, circumstances, assumptions
or events that occur after the date the forward-looking statements
are made, unless otherwise required by law. Additional information
regarding the Company and its business, including additional
factors that could cause actual results to differ materially from
Seacoast's present expectations, is contained in Seacoast's Annual
Report on Form 10-K for the year ended December 31, 2015 under "Forward-Looking
Information" and Item 1A. "Risk Factors," and in the Company's
other filings with the SEC.
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SOURCE Seacoast Banking Corporation of Florida