Seacoast Banking Corporation of Florida , the holding company for Seacoast National Bank (“Seacoast Bank”), announced the completion of its acquisition of NorthStar Banking Corporation , effective October 20, 2017.
Immediately following the merger, NorthStar Bank, NSBC’s wholly-owned subsidiary, merged with and into Seacoast Bank.
Under the terms of the definitive agreement, each share of NSBC common stock was converted into the right to receive (i) 0.5605 of a share of Seacoast common stock and (ii) $2.40 in cash (or $16.12 per share of NSBC common stock). Â The aggregate transaction value, including options, is approximately $32.5 million.
The acquisition of NSBC, headquartered in Tampa, adds approximately $213.7 million in assets, $169.6 million in deposits and $138.7 million in loans, increasing Seacoast’s total assets 4% to $5.5 billion as of June 30, 2017. Â NSBC operates three branches in the Tampa MSA, enhancing Seacoast’s presence in the regions, and expands on Seacoast’s acquisition of GulfShore Bancshares, Inc., also headquartered in Tampa, which closed in April 2017.
“We are delighted to welcome NSBC’s customers and its employees into the Seacoast family, and we look forward to introducing Tampa’s businesses and households to our broad range of convenient and mobile-accessible products and services,” said Dennis S. Hudson, III, Seacoast’s Chairman and CEO.
Transaction Details
Raymond James & Associates, Inc. served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast. Sandler O’Neill & Partners, L.P. served as financial advisor and Bush Ross, P.A. served as legal counsel to NSBC.
About Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $5.3 billion in assets and $4.0 billion in deposits as of June 30, 2017. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 46 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.