On Friday, Shares of Seacoast Banking Corporation of Florida (NASDAQ:SBCF), loss -0.79% and closed at $23.94 in the last trading session. The last trading range of the stock ranges between $23.79 and $24.10.
Seacoast Banking Corporation of Florida (“Seacoast”) (NASDAQ: SBCF), the holding company for Seacoast National Bank, recently declared the completion of its acquisition of GulfShore BancShares, Inc. (“GulfShore”), effective April 7, 2017. Right Away following the merger, GulfShore Bank, GulfShore’s wholly-owned partner, merged with and into Seacoast National Bank.
Following the merger, GulfShore common shareholders are receiving a combination of 0.4807 shares of Seacoast common stock and $1.47 in cash for each share they own.
The acquisition of GulfShore Bank, a full-service community bank serving the Tampa area since 2007, adds about $343 million in assets, $290 million in deposits and $258 million in loans, bringing Seacoast’s total assets to about $5.0 billion as of March 31, 2017. GulfShore, which operates three branches – two in Tampa and one in St. Petersburg – has built a strong core deposit franchise, with 59% of total deposits in transaction accounts, and has rapidly grown its high quality, diverse loan portfolio.
“We are delighted to welcome GulfShore’s customers and its employees into the Seacoast family, and we look forward to introducing Tampa’s businesses and households to our broad range of convenient and mobile-accessible products and services,” said Dennis S. Hudson, III, Seacoast’s Chairman and CEO.
FBR & Co. served as exclusive financial advisor and Cadwalader, Wickersham & Taft LLP served as legal counsel to Seacoast. Sandler O’Neill & Partners, L.P. served as financial advisor and Foley Lardner LLP served as legal counsel to GulfShore.
GulfShore customers will benefit right away from the merger, with access to Seacoast’s full suite of digital banking products, together with 24/7 local Florida-based customer service. In Addition To, customers will have fee-free access to both Seacoast and GulfShore ATMs, in addition to to over 1,000 Publix ATMs across the Southeast.
Analyst recommendation for this stock stands at 2.40.