Business
Seacoast Announces the Acquisition of Apollo Bancshares, Inc.
Significantly Expands Seacoast’s Presence in South Florida’s Dynamic Miami-Dade County Marketplace STUART, Fla., March 29, 2022 (GLOBE NEWSWIRE) -- Seacoast
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Significantly Expands Seacoast’s Presence in South Florida’s Dynamic Miami-Dade County Marketplace\nSTUART, Fla., March 29, 2022 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (“Seacoast”) (NASDAQ: SBCF), the holding company for Seacoast National Bank (“Seacoast Bank”), announced today that it has signed a definitive agreement to acquire Apollo Bancshares, Inc. (“Apollo”), parent company of Apollo Bank based in Miami, FL. The proposed transaction will expand Seacoast’s presence in Miami-Dade County, part of the Miami-Fort Lauderdale-Pompano Beach metropolitan statistical area, Florida’s largest MSA and the 8th largest in the nation. Apollo Bank operates five branches across Miami-Dade County with deposits of approximately $928 million and loans of $665 million as of December 31, 2021. The proposed transaction, a natural continuation of Seacoast’s M&A strategy, adds a premier, high-quality Miami banking franchise and a leadership team with deep relationships and experience in this financially attractive market. “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,” said Charles M. Shaffer, Seacoast's Chairman and CEO. “The transaction will build upon our previous South Florida acquisitions and organic growth, adding scale in one of the fastest growing and most dynamic markets in the United States, and we expect it to be significantly accretive to earnings in 2023, with modest dilution of tangible book value. We look forward to welcoming the employees and customers of Apollo Bank to the Seacoast franchise later this year,” Shaffer added. Eddy Arriola, Chairman and CEO of Apollo and Apollo Bank, said, “Since 2010, Apollo Bank has been committed to propelling South Florida businesses with relationship-focused service and competitive products. We are delighted to join forces with Seacoast Bank, which shares our values and has been serving Florida consumers and businesses for nearly a century.” Following the merger, Arriola will remain with Seacoast, serving as Miami-Dade Market Executive. The proposed transaction exemplifies Seacoast’s M&A focus...