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Florida Banker Seacoast Closes USD 71.6m Acquisition of Palm Beach Community Bank.

M2 EQUITYBITES-November 13, 2017-Florida Banker Seacoast Closes USD 71.6m Acquisition of Palm Beach Community Bank


13 November 2017 - Florida, US-based Seacoast Banking Corp. of Florida (NASDAQ: SBCF), the holding company for Seacoast National Bank has closed the acquisition of Florida, US-based bank Palm Beach Community Bank (PBCB), increasing Seacoast assets by 7%, the company said.

This deal was announced in May.

The company said the acquisition of PBCB's four branches with USD 346m in assets will expand Seacoast's presence in the South Florida market and strengthen its position in the state.

Under the terms of the definitive agreement, each share of PBCB common stock was converted into the right to receive 0.9240 of a share of Seacoast common stock and USD6.26 in cash, or a total value of USD 28.57 per share of PBCB common stock.

The resulting aggregate merger consideration paid by Seacoast was approximately USD 71.6m.

The acquisition of PBCB, headquartered in West Palm Beach, Florida, adds approximately USD 320m in assets, USD 265m in deposits and USD 270m in loans.

PBCB operates four branches in Palm Beach County, Florida, enhancing Seacoast's South Florida presence and builds on Seacoast's acquisition of Grand Bankshares Inc. in July 2015.

Seacoast expects the PBCB acquisition to be accretive to earnings per share in 2017, excluding one-time transaction costs, and have a tangible book value earn back period of approximately 2.0 years using the crossover method. The transaction also is expected to provide an internal rate of return of 20%.

Seacoast Banking Corp. has approximately USD 4.8bn in assets and USD 3.7bn in deposits as of March 31, 2017.

The company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services through 46 traditional branches of its wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centres.

FIG Partners, LLC served as financial advisor and Alston and Bird LLP served as legal counsel to Seacoast. Sandler O'Neill and Partners, L.P. served as financial advisor and Holland and Knight LLP served as legal counsel to PBCB.

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Publication:M2 EquityBites (EQB)
Date:Nov 13, 2017
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