STUART, Fla., Oct. 07, 2022 (GLOBE NEWSWIRE) — Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (“Seacoast” or the “Company”), the holding firm for Seacoast National Bank, introduced in the present day the completion of its acquisitions of Apollo Bancshares, Inc. (“Apollo”), mother or father firm of Apollo Bank and of Drummond Banking Company (“Drummond”), mother or father firm of Drummond Community Bank efficient October 7, 2022. The mergers of Apollo Bank and Drummond Community Bank with and into Seacoast National Bank have been additionally efficient October 7, 2022 with Seacoast National Bank being the surviving monetary establishment.
Under the phrases of the merger settlement, Apollo shareholders acquired 1.006529 shares of Seacoast frequent inventory for every share of Apollo frequent inventory held instantly previous to the merger and Apollo choice holders acquired choices to buy Seacoast frequent inventory, with the variety of shares underlying every such choice and the relevant train value adjusted utilizing the identical 1.006529 change ratio. The minority curiosity holders in Apollo Bank acquired 1.195651 shares of Seacoast frequent inventory for every share of Apollo Bank frequent inventory. The ensuing combination merger consideration paid by Seacoast was roughly $146 million.
Under the phrases of the merger settlement, Drummond shareholders acquired 51.9561 shares of Seacoast frequent inventory for every share of Drummond frequent inventory held instantly previous to the merger. The ensuing combination merger consideration paid by Seacoast was roughly $158 million.
Apollo Bank, headquartered in Miami, FL had deposits of roughly $930 million and loans of roughly $736 million as of June 30, 2022. Drummond Bank, headquartered in Chiefland, FL had deposits of roughly $919 million and loans of roughly $571 million as of June 30, 2022.
“We are excited to welcome Apollo and Drummond’s customers and employees to Seacoast. Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market. We see a great opportunity to grow our presence and expand our position in South Florida by complementing Apollo’s strengths with Seacoast’s innovation and breadth of offerings,” mentioned Charles M. Shaffer, Seacoast’s Chairman and CEO. Shaffer continued, “Drummond Community Bank has demonstrated a deep commitment to the North Florida communities it has been serving for the last 32 years. The combined franchise will continue to provide exceptional service with expanded products and services for this dynamic market.”
Transaction Details
Piper Sandler & Co. served as monetary advisor and Alston & Bird LLP served as authorized counsel to Seacoast on each transactions. Keefe, Bruyette & Woods, Inc. served as monetary advisor and Fenimore, Kay, Harrison & Ford, LLP served as authorized counsel to Apollo and Apollo Bank. Hovde Group LLC served as monetary advisor and Smith Mackinnon, PA served as authorized counsel to Drummond.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is among the largest neighborhood banks headquartered in Florida with roughly $10.8 billion in belongings and $9.2 billion in deposits as of June 30, 2022. Seacoast supplies built-in monetary companies together with business and client banking, wealth administration, and mortgage companies to prospects at over 50 full-service branches throughout Florida, and thru superior cellular and on-line banking options. More details about the Company is accessible at www.SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking Statements
Forward-looking statements embody statements with respect to the Company’s beliefs, plans, targets, targets, expectations, anticipations, assumptions, estimates and intentions about future efficiency and contain identified and unknown dangers, uncertainties and different components, which can be past the Company’s management, and which can trigger the precise outcomes, efficiency or achievements of Seacoast to be materially totally different from future outcomes, efficiency or achievements expressed or implied by such forward-looking statements. You mustn’t anticipate the Company to replace any forward-looking statements.
All statements apart from statements of historic reality might be forward-looking statements. You can establish these forward-looking statements via the usage of phrases similar to “may”, “will”, “anticipate”, “assume”, “should”, “support”, “indicate”, “would”, “believe”, “contemplate”, “expect”, “estimate”, “continue”, “further”, “plan”, “point to”, “project”, “could”, “intend”, “target” or different related phrases and expressions of the longer term. These forward-looking statements is probably not realized attributable to quite a lot of components, together with, with out limitation: the consequences of future financial and market situations, together with seasonality; the opposed influence of COVID-19 (financial and in any other case) on the Company and its prospects, counterparties, staff, and third-party service suppliers, and the opposed impacts to our business, monetary place, outcomes of operations and prospects; authorities or regulatory responses to the COVID-19 pandemic; governmental financial and monetary insurance policies, together with rate of interest insurance policies of the Board of Governors of the Federal Reserve, in addition to legislative, tax and regulatory adjustments, together with people who influence the cash provide and inflation; adjustments in accounting insurance policies, guidelines and practices, together with the influence of the adoption of the present anticipated credit score losses (“CECL”) methodology; the dangers of adjustments in rates of interest on the extent and composition of deposits, mortgage demand, liquidity and the values of mortgage collateral, securities, and rate of interest delicate belongings and liabilities; rate of interest dangers, sensitivities and the form of the yield curve; uncertainty associated to the influence of LIBOR calculations on securities, loans and debt; adjustments in borrower credit score dangers and fee behaviors together with because of the monetary influence of COVID-19; adjustments in retail distribution methods, buyer preferences and conduct (together with because of financial components); adjustments within the availability and price of credit score and capital within the monetary markets; adjustments within the costs, values and gross sales volumes of residential and business actual property; the Company’s skill to adjust to any regulatory necessities; the consequences of issues encountered by different monetary establishments that adversely have an effect on Seacoast or the banking business; the Company’s focus in business actual property loans and in actual property collateral in Florida; inaccuracies or different failures from the usage of fashions, together with the failure of assumptions and estimates, in addition to variations in, and adjustments to, financial, market and credit score situations; the influence on the valuation of Seacoast’s investments attributable to market volatility or counterparty fee danger; statutory and regulatory dividend restrictions; will increase in regulatory capital necessities for banking organizations typically; the dangers of mergers, acquisitions and divestitures, together with Seacoast’s skill to proceed to establish acquisition targets, efficiently purchase and combine fascinating monetary establishments and notice anticipated revenues and income synergies; adjustments in know-how or merchandise that could be tougher, pricey, or much less efficient than anticipated; the Company’s skill to establish and deal with elevated cybersecurity dangers, together with because of staff working remotely; incapacity of Seacoast’s danger administration framework to handle dangers related to the Company’s business; dependence on key suppliers or distributors to acquire gear or companies for the business on acceptable phrases, together with the influence of provide chain disruptions; discount in or the termination of Seacoast’s skill to make use of the online- or mobile-based platform that’s crucial to the Company’s business progress technique; the consequences of conflict or different conflicts, together with the impacts associated to or ensuing from Russia’s navy motion in Ukraine, acts of terrorism, pure disasters, well being emergencies, epidemics or pandemics, or different catastrophic occasions that will have an effect on common financial situations; sudden outcomes of and the prices related to, current or new litigation involving the Company, together with because of the Company’s participation within the Paycheck Protection Program (“PPP”); Seacoast’s skill to take care of sufficient inside controls over monetary reporting; potential claims, damages, penalties, fines and reputational harm ensuing from pending or future litigation, regulatory proceedings and enforcement actions; the dangers that deferred tax belongings might be decreased if estimates of future taxable earnings from the Company’s operations and tax planning methods are lower than presently estimated and gross sales of capital inventory might set off a discount within the quantity of internet working loss carryforwards that the Company might be able to make the most of for earnings tax functions; the consequences of competitors from different business banks, thrifts, mortgage banking corporations, client finance firms, credit score unions, non-bank monetary know-how suppliers, securities brokerage corporations, insurance firms, cash market and different mutual funds and different monetary establishments working within the Company’s market areas and elsewhere, together with establishments working regionally, nationally and internationally, along with such opponents providing banking services by mail, phone, pc and the Internet; the failure of assumptions underlying the institution of reserves for potential credit score losses.
The dangers referring to the Apollo Bancshares, Inc. and Drummond Banking Company mergers embody, with out limitation: the diversion of administration’s time on points associated to the merger; sudden transaction prices, together with the prices of integrating operations; the dangers that the companies is not going to be built-in efficiently or that such integration could also be tougher, time-consuming or pricey than anticipated; the potential failure to completely or well timed notice anticipated revenues and income synergies, together with as the results of revenues following the merger being decrease than anticipated; the chance of deposit and buyer attrition; any adjustments in deposit combine; sudden working and different prices, which can differ or change from expectations; the dangers of buyer and worker loss and business disruptions, together with, with out limitation, as the results of difficulties in sustaining relationships with staff; elevated aggressive pressures and solicitations of shoppers by opponents; in addition to the difficulties and dangers inherent with coming into new markets.
All written or oral forward-looking statements attributable to the Company are expressly certified of their entirety by this cautionary discover, together with, with out limitation, these dangers and uncertainties described within the Company’s annual report on Form 10-Okay for the 12 months ended December 31, 2021 and quarterly report on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022 underneath “Special Cautionary Notice Regarding Forward-looking Statements” and “Risk Factors”, and in any other case within the Company’s SEC reviews and filings. Such reviews can be found upon request from the Company, or from the Securities and Exchange Commission, together with via the SEC’s Internet web site at www.sec.gov.
CONTACT:
Taylore Maxey
[email protected]
(850) 702-9804
