Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the
"Company" or "Seacoast") today announced it has hired Richard
Raiford as executive vice president and chief credit officer. David
Houdeshell, currently executive vice president and chief credit
officer, will assume a newly created role leading the Company's
growing credit analytics and policy division.
"As Seacoast continues its growth as Florida’s preeminent
community bank, we will continue to expand our leadership team. We
believe that Richard's previous credit experience at several large
and well-respected institutions adds depth to our credit team, and
should position the Company for growth while maintaining our
commitment to rigorous underwriting and credit monitoring," said
Chuck Shaffer, president and chief operating officer.
Shaffer added, "David has done an outstanding job as Seacoast’s
steward of credit, leading our balanced growth strategy and helping
develop our conservative and strict underwriting culture. In
this newly created role, David will continue to refine Seacoast’s
differentiated credit analytics capabilities."
Raiford most recently served as chief credit officer for East
West Bank in California, where he was responsible for managing the
risk exposure of a diverse mix of commercial and industrial,
commercial real estate, and consumer credits. Raiford previously
spent 28 years with JP Morgan Chase in a number of risk management,
middle-market banking, and investment banking leadership roles.
Raiford has a Bachelor of Arts degree in Asian studies from Amherst
College and a Master of Arts degree in international relations from
Johns Hopkins University.
David Houdeshell will now serve as executive vice president and
director of credit analytics and policy. This newly created
position recognizes David’s pivotal role in recent years developing
and implementing Seacoast’s robust credit policy and analytics
capabilities. We believe that David will bring the vigilant focus
to this increasingly important function to support Seacoast’s
prudent growth. Houdeshell, who has been with Seacoast since 2010,
will also be responsible for leading the special assets
department.
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 $8.1 billion in assets and $6.7 billion in deposits
as of June 30, 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 reports on Form
10-Q for the quarters ended March 31, 2020 and June 30, 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:Jennifer
Reissman772-463-8947Jennifer.Reissman@seacoastbank.com
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