SBCF - Seacoast Banking agrees to acquire Drummond Banking Company

Seacoast Banking (NASDAQ:SBCF) has agreed to acquire Drummond Banking Company, the parent company of Drummond Community Bank based in Chiefland, Florida. The transaction, expected to close early in the fourth quarter of 2022, is valued at ~$173.2M based on Seacoast’s closing price of $33.72 as of May 3, 2022. Drummond operates 18 branches across North Florida with deposits of ~$932M and $543M loans as of March 31, 2022. The deal will help expand Seacoast's presence into new and emerging Florida markets, including Ocala and Gainesville. Seacoast also expects the transaction to be 8.6% accretive to EPS in 2023, with modest dilution of tangible book value per share that will be earned back in 1.6 years.

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Seacoast Banking agrees to acquire Drummond Banking Company