Business
Seacoast Announces Agreement to Acquire Professional Holding Corp.
Accelerates Seacoast’s Successful Strategy of Expanding its Presence in the Attractive South Florida Market STUART, Fla.--(BUSINESS WIRE)-- Seacoast Banking
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"\nAccelerates Seacoast’s Successful Strategy of Expanding its Presence in the Attractive South Florida Market\n\n STUART, Fla.--(BUSINESS WIRE)--\nSeacoast Banking Corporation of Florida (“Seacoast”) (NASDAQ: SBCF), the holding company for Seacoast National Bank (“Seacoast Bank”), and Professional Holding Corp. (“Professional”) (NASDAQ: PFHD), parent company of Professional Bank, announced today that they have signed a definitive agreement under which Seacoast will acquire Professional. The proposed transaction will expand Seacoast’s footprint in the dynamic tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach Counties, the largest MSA in Florida and the eighth largest in the nation.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220808005372/en/\nProfessional Bank, the sixth largest bank headquartered in South Florida, operates nine branches across Miami-Dade, Broward and Palm Beach counties, with deposits of approximately $2.4 billion and loans of $2.0 billion as of June 30, 2022. The proposed transaction is a natural continuation of Seacoast’s M&A strategy, adding a premier franchise in one of Florida’s fastest-growing markets.\n\n“Professional Bank will be a strong addition to Seacoast’s breadth of offerings, accelerating our growth strategy and expanding our presence in the attractive South Florida market. With the combined scale, we will bring to market a larger balance sheet, a greater digital product set and the resources to become South Florida’s most competitive community bank,” said Charles Shaffer, Seacoast's Chairman and CEO. “This transaction is expected to be the most accretive in Seacoast’s nearly 100-year history, with a reasonable earnback on tangible book value dilution of 2.3 years. We look forward to welcoming Professional’s employees and customers to the Seacoast franchise.”\n\n“Professional Bank and Seacoast have closely aligned cultures with shared business values that are focused on maintaining disciplined underwriting and a strict credit culture,” said Abel Iglesias, President and CEO of Professional Holding Corp. “Importantly, when considering Seacoast’s pending transaction with Apollo, this acquisition will join together three customer-focused and service-oriented banks with a focus on getting business accomp...