SBCF - Seacoast buys Legacy Bank of Florida

As per the terms, Legacy Bank of Florida will be merged Seacoast Bank (SBCF).Legacy Bank operates five branches across the two counties with deposits of ~$432M and loans of $482M as of Dec. 31, 2020.Legacy Bank shareholders to receive ~0.1703 shares of Seacoast common stock for each share of Legacy Bank common stock.Based on Seacoast’s closing price of $35.53 as of March 23, 2021, the Legacy Bank transaction, including the exchange of Legacy Bank options, is valued at ~$102.2M or $6.05 per share.Seacoast expects the transaction to be 2% accretive to EPS in 2021, excluding one-time transaction costs, minimal dilution of tangible book value per share, and 6% accretive to EPS in 2022.Closing of the transaction is expected in the Q3'21, subject to required approvals.

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Seacoast buys Legacy Bank of Florida