Seacoast Banking Corporation of Florida (NASDAQ: SBCF), one of the
largest community banks based in Florida, today announced that it
has implemented the succession plan previously disclosed in June
2020. Charles “Chuck” Shaffer, the Company’s former president and
chief operating officer (COO), has been promoted to chief executive
officer (CEO) and elected to the Company’s board of directors.
Former chairman and CEO Dennis “Denny” Hudson III has assumed the
position of executive chairman of the board of directors.
“This transition marks the completion of a
careful and methodical plan that has been in the works 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 has been
instrumental in positioning Seacoast for what we believe will be a
vibrant future.”
Shaffer served as president and COO since June
2020 and as COO and chief financial officer (CFO) since May 2019.
Previously, he served as executive vice president and CFO since
January 2017. Before that, Shaffer led the Company’s community
banking group from October 2013 to January 2017, and as senior vice
president and controller from December 2005 through September
2013.
As a key driver of the Company’s growth
strategy, Shaffer has been 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 deliver peer-leading earnings
performance.
“I am honored to be entrusted to serve as CEO,”
Shaffer said. “I have had the extraordinary opportunity to work
with Denny, our management team, and our board of directors on a
thoughtful strategy to create value for our shareholders and
customers by focusing on relationship banking, appropriate risk and
credit posture, and innovation. I’ve also been fortunate to witness
the tremendous positive impact the Company has in the communities
it serves, and I look forward to continuing this effort in the
years ahead.”
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, and a master of business administration with a finance
specialization from the University of Central Florida, and he 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 Florida.
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 $8.3 billion in assets and $6.9 billion in deposits
as of September 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 51 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 Statements
This 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 continue, 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 September 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.
CONTACT:Rafael Brazon-Di
Fattarafael@sachsmedia.com(786) 567-2791
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