Business
Seacoast to Acquire First Bank of the Palm Beaches
Seacoast expands its position in one of the fastest growing markets in Florida STUART, Fla., Nov. 19, 2019 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Seacoast expands its position in one of the fastest growing markets in Florida\nSTUART, Fla., Nov. 19, 2019 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ:SBCF) (“Seacoast”), the holding company for Seacoast National Bank (“Seacoast Bank”), today announced it has signed a definitive agreement to acquire First Bank of the Palm Beaches (“First Bank”) in a transaction that will expand Seacoast’s presence in the attractive Palm Beach County market.\n Pursuant to the terms of the merger agreement, First Bank, headquartered in West Palm Beach, will be merged with and into Seacoast Bank. Organized in 2006, First Bank has deposits of approximately $172 million and loans of $150 million and will increase Seacoast’s deposits in Palm Beach County by 25% to approximately $821 million. Palm Beach County has the highest median household income in Florida and is one of the fastest growing economies in the state. The Palm Beach County Business Development Board reported its unemployment rate at 3.2% in September. The county’s civilian labor force grew at 1.9% last year. Seven of the county’s neighborhoods are among the fastest growing in the state over the past two years according to a study conducted by Zillow. Also, the county is ranked by Forbes as the #19 in Best Places for Business and Careers in the United States. Seacoast plans to grow its presence in Palm Beach County by adding First Bank’s two branches to the six it currently operates in the market. Seacoast entered the county in 2003 and then expanded by acquiring Grand Bankshares, Inc. in 2015 and Palm Beach Community Bank in 2017. “This acquisition brings Seacoast a highly complementary banking institution and strengthens our position in Palm Beach County,” said Dennis S. Hudson III, Seacoast Chairman and CEO. “First Bank builds upon our two previous Palm Beach County acquisitions and subsequent organic growth in Florida’s largest and the nation’s seventh largest MSA. We look forward to welcoming First Bank’s employees and customers to the Seacoast franchise.” “We set out in 2006 to establish a high quality banking alternative for the Palm Beach County community. We are delighted to partner with Seacoast, a like-minded and highly respected institution with a more than 90-year history of serving Florida,” said Joseph B. Shearouse, III, chairman and CEO of First B...