Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the
“Company” or “Seacoast”) today announced that Charles (Chuck)
Shaffer, current executive vice president, chief operating officer
(COO), and chief financial officer (CFO), has been promoted to
president and COO and will become chief executive officer (CEO) and
a member of the Company’s board of directors in December 2020.
Tracey Dexter, the Company’s current controller, has been promoted
to executive vice president and CFO. Dennis S. Hudson, III, the
Company’s current chairman of the board of directors and CEO, will
become executive chairman of the board of directors in December
2020. Jennings “Jay” Walker, the Company’s current treasurer, has
been promoted to executive vice president, treasurer and director
of corporate strategy.
As executive chairman, Hudson will ensure a seamless transition
for the Company as Shaffer assumes his new role of president and
CEO. Hudson took over leadership of the Company from his father and
uncle in 1992. Hudson’s grandfather originally chartered Seacoast
in Florida in 1926.
“We’re transitioning leadership according to a careful and
methodical plan we’ve had in place for some time,” Hudson said.
“During the past several years, Chuck has demonstrated through his
excellent execution of our balanced growth strategy that he is the
right person to lead Seacoast. He’s been instrumental in
positioning Seacoast for what we believe will be a vibrant
future.”
Shaffer was appointed COO and CFO in May 2019 after serving as
executive vice president and CFO since January 2017. He led the
Company’s community banking group from October 2013 to January
2017. As a key driver in the Company’s growth strategy, Chuck was
instrumental in influencing Seacoast’s retail, commercial banking,
wealth, digital, and non-branch distribution strategies, as well as
designing and working across the organization at all levels to
drive peer-leading earnings performance. He served as senior vice
president and controller from December 2005 through September
2013.
Shaffer, a native of Florida, holds a bachelor of science degree
in finance from Florida State University, a bachelor of arts degree
in accounting from Florida Atlantic University, a master of
business administration with a finance specialization from the
University of Central Florida, and is a graduate of the advanced
management program at the University of Pennsylvania Wharton School
of Business. He is a certified public accountant (CPA) licensed in
the state of Florida.
Hudson partnered closely with the Company’s board of directors
to orchestrate the planning and preparation for the transition to a
new management team.
“During the last few years, we have added significant talent to
our board of directors and have strengthened our management team to
develop and implement a winning strategy. The leadership team has
been very successful and we believe is well prepared to continue to
build value for shareholders and customers utilizing this same
strategy,” said Hudson. “While my role will change in
December, as executive chairman and as the Company’s largest
individual shareholder, my commitment to ensuring Seacoast
continues to outperform is stronger than ever. My commitment to
preserve our culture and carry on my family’s legacy of customer
service and support for the communities we serve will
remain.”
Dexter, the Company’s new CFO, joined in January 2017 as its
controller. Before joining Seacoast, Dexter was with PwC’s
Banking and Capital Markets Practice for 12 years in audit and
advisory roles, including senior manager in Florida, New York City,
and at the firm’s national office. Her areas of focus included
SEC/financial reporting, capital markets transaction activity,
internal controls, and accounting policy.
Dexter is a CPA licensed to practice in the state of Florida.
She has a bachelor of science degree in finance from Florida State
University and a bachelor of business administration in accounting
from Florida Atlantic University.
Walker, treasurer and director of corporate strategy, joined the
Company in March 2010 and has been responsible for its balance
sheet and investment management strategy, financial planning, and
was the Company’s controller from 2013 to 2015. In his new
role, Walker also will be responsible for general corporate
development and strategic capital allocation.
Walker has a master of business administration from the
University of Florida and a bachelor of business administration in
accounting from Florida Gulf Coast University.
Hudson confirmed that the executives being promoted participated
in the development of the Company’s growth strategy. “Chuck,
Tracey, Jay – they are all talented leaders and share a common
vision of how to continue Seacoast’s disciplined growth and
success,” said Hudson. “I have the utmost confidence in them and
the rest of the executive team and am excited about the Company’s
future.”
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 $7.4 billion in assets and $5.9 billion in deposits
as of March 31, 2020. The Company provides integrated financial
services including commercial and retail banking, wealth
management, and mortgage services to customers through advanced
banking solutions, and 50 traditional branches of its locally
branded, wholly owned subsidiary bank, Seacoast Bank. Offices
stretch from Fort 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. More information about the Company is
available at www.SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking
StatementsThis press release contains "forward-looking
statements" within the meaning, and protections, 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, as well as statements
with respect to Seacoast's leadership team and board of directors,
objectives, strategic plans, expectations and intentions and other
statements that are not historical facts, any of which may be
impacted by the COVID-19 pandemic and related effects on the U.S.
economy. Actual results may differ from those set forth in the
forward-looking statements.
Forward-looking statements include statements with respect to
our beliefs, plans, objectives, goals, expectations, anticipations,
assumptions, estimates and intentions about future performance 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.
All statements other than statements of historical fact could be
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", "plan", "point to", "project", "could", "intend",
"target" 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 and
the adverse impact of COVID-19 (economic and otherwise);
governmental monetary and fiscal policies, including interest rate
policies of the Board of Governors of the Federal Reserve, as well
as legislative, tax and regulatory changes; changes in accounting
policies, rules and practices, including the impact of the adoption
of CECL; 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; uncertainty related to the impact of LIBOR
calculations on securities and loans; changes in borrower credit
risks and payment behaviors; changes in the availability and cost
of credit and capital in the financial markets; changes in the
prices, values and sales volumes of residential and commercial real
estate; our ability to comply with any regulatory requirements; the
effects of problems encountered by other financial institutions
that adversely affect us or the banking industry; our concentration
in commercial real estate loans; the failure of assumptions and
estimates, as well as differences in, and changes to, economic,
market and credit conditions; the impact on the valuation of our
investments due to market volatility or counterparty payment risk;
statutory and regulatory dividend restrictions; increases in
regulatory capital requirements for banking organizations
generally; the risks of mergers, acquisitions and divestitures,
including our ability to continue to identify acquisition targets
and successfully acquire desirable financial institutions; changes
in technology or products that may be more difficult, costly, or
less effective than anticipated; our ability to identify and
address increased cybersecurity risks; inability of our risk
management framework to manage risks associated with our business;
dependence on key suppliers or vendors to obtain equipment or
services for our business on acceptable terms; reduction in or the
termination of our ability to use the mobile-based platform that is
critical to our business growth strategy; the effects of war or
other conflicts, acts of terrorism, natural disasters, health
emergencies, epidemics or pandemics, or other catastrophic events
that may affect general economic conditions; unexpected outcomes of
and the costs associated with, existing or new litigation involving
us; our ability to maintain adequate internal controls over
financial reporting; potential claims, damages, penalties, fines
and reputational damage resulting from pending or future
litigation, regulatory proceedings and enforcement actions; the
risks that our deferred tax assets could be reduced if estimates of
future taxable income from our operations and tax planning
strategies are less than currently estimated and sales of our
capital stock could trigger a reduction in the amount of net
operating loss carryforwards that we may be able to utilize for
income tax purposes; 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.
Given the many unknowns and risks being heavily weighted to the
downside, our forward-looking statements are subject to the risk
that conditions will be substantially different than we are
currently expecting. If efforts to contain COVID-19 are
unsuccessful and restrictions on movement last into the third
quarter or beyond, the recession would be much longer and much more
severe. Ineffective fiscal stimulus, or an extended delay in
implementing it, are also major downside risks. The deeper the
recession is, and the longer it lasts, the more it will damage
consumer fundamentals and sentiment. This could both prolong the
recession, and/or make any recovery weaker. Similarly, the
recession could damage business fundamentals. And an extended
global recession due to COVID-19 would weaken the U.S. recovery. As
a result, the outbreak and its consequences, including responsive
measures to manage it, have had and are likely to continue to have
an adverse effect, possibly materially, on our business and
financial performance by adversely affecting, possibly materially,
the demand and profitability of our products and services, the
valuation of assets and our ability to meet the needs of our
customers.
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, 2019 and our quarterly report on Form 10-Q
for the quarter ended March 31, 2020, 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 www.sec.gov.
Media Contact:Joel
Staley407-242-9994joel@jcs-communications.com
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