SBCF - SeaCoast to acquire Florida's Professional Bank in accretive earnings deal
- SeaCoast Banking Corporation of Florida ( NASDAQ: SBCF ) announced Monday the acquisition of Florida-based Professional Bank at the valuation of ~$488.6M.
- Under the deal, Professional shareholders are to receive 0.8909 shares of Seacoast shares for each share priced at $36.75 per share, as of closing on Aug. 5, 2022.
- The bank operates nine branches across Miami-Dade, Broward and Palm Beach counties, with deposits of approximately $2.4B and loans of $2B as of June 30, 2022.
- Seacoast said the transaction will be 11.8% accretive to earnings per share in 2023, and 15.4% in 2024, while the dilution expected to be earned back in 2.3 years.
- Closing of the transaction is expected in Q1 2023.
- "With the combined scale, we will bring to market a larger balance sheet, a greater digital product set and the resources to become South Florida’s most competitive community bank,” said Charles Shaffer, Seacoast's Chairman and CEO. “This transaction is expected to be the most accretive in Seacoast’s nearly 100-year history, with a reasonable earnback on tangible book value dilution of 2.3 years. We look forward to welcoming Professional’s employees and customers to the Seacoast franchise.”
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SeaCoast to acquire Florida's Professional Bank in accretive earnings deal