Business
Seacoast Banking Corporation of Florida Announces Share Repurchase Program
STUART, Fla., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) announced that its Board
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"STUART, Fla., Dec. 17, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) announced that its Board of Directors (the “Board”) has adopted a share repurchase program. Under the repurchase program, which will expire on December 31, 2021, the Company may repurchase, from time to time, up to $100 million of its shares of common stock, representing approximately 6.1% of the Company’s outstanding common stock as of December 16, 2020. The repurchase program permits shares to be repurchased in the open market, by block purchase, in privately negotiated transactions, in one or more transactions from time to time, or pursuant to any trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the “Exchange Act”). Open market purchases will be conducted in accordance with the limitations set forth in Rule 10b-18 of the Exchange Act and other applicable legal and regulatory requirements. The timing and actual number of shares repurchased will be made at the Company’s discretion and will depend on a variety of factors including, without limitation, price, corporate and regulatory requirements, market conditions, Seacoast’s financial performance, and bank capital and liquidity requirements and priorities. The repurchase program does not obligate the Company to purchase any particular number of shares. The repurchase program may be suspended, terminated or modified by the Board without notice at any time for any reason, including, without limitation, market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, capital and liquidity objectives, and other factors deemed appropriate by Seacoast’s management. Commenting on the share repurchase program, Dennis S. Hudson, III, Seacoast’s Chairman and Chief Executive Officer said, “We are committed to maintaining a fortress balance sheet while also building long-term shareholder value, and we will continue to support our objective to maintain robust capital strength that ranks among the highest in our peer group. Given our confidence in our forward outlook, we felt it appropriate to add another capital management option for the coming year and as the overall economic recovery becomes clearer.” About Seacoast Banking Corporation of Florida (NASDAQ: SBCF) Seacoa...