Seacoast Banking Corporation of Florida [NASDAQ: SBCF] disclosed that it has inked an agreement to buy Legacy Bank of Florida. This acquisition will reinforce its position in Broward and Palm Beach counties in the biggest metropolitan statistical zone of Florida.
Following the deal, Legacy Bank of Florida will be consolidated with and into Seacoast Bank. Legacy Bank runs five branches throughout the two regions with credits of nearly $432 million and loans of $482 million as of December 31, 2020. Legacy Bank of Florida is a customer-centered contract with an unresolved status for service superiority and deep-rooted client relations in this crucial market.
Shares of Seacoast went down 3.79% as the firm lost -1.40 during the trading session of Tuesday. The deal is anticipated to be profitable to earnings in 2021 with negligible reduction of tangible book value and will develop upon its earlier South Florida buying adding scale in one of the world’s fastest-growing and vibrant markets in the US.
Bedley will stay with Seacoast, working as Broward County Market President after the deal. Seacoast has earlier bought Grand Bankshares in 2015, Palm Beach Community Bank in 2017. In 2018 it has purchased First Green Bancorp and First Bank of the Palm Beaches in 2020. As per the deal, the shareholders of Legacy Bank are anticipated to get shares of Seacoast ordinary shares for each share of Legacy Bank ordinary shares.