Seacoast Banking Corporation of Florida completed the acquisition of Business Bank of Florida, Corp.
January 02, 2022
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Seacoast Banking Corporation of Florida (NasdaqGS:SBCF) agreed to acquire Business Bank of Florida, Corp. for $28.4 million on August 23, 2021. Under the terms of the BBFC merger agreement, BBFC shareholders are expected to receive 0.7997 shares of Seacoast common stock for each share of BBFC common stock and BBFC options will be rolled over into Seacost options based on the positive difference between $25.25 and exercise price. If the merger agreement termination by Business Bank, then Business Bank must pay Seacoast a termination fee of $1.56 million.
The transaction is subject to receipt of approvals from regulatory authorities, the approval of Business Bank of Florida shareholders, registration statement shall be effective under the 1933 Act, listing of SBC Common Stock, dissenter's rights and the satisfaction of other customary closing conditions. The Boards of Directors of SBC and Business Bank have approved this Agreement. Business Bank's board of directors recommends that Business Bank shareholders vote “FOR” the proposal to approve the merger agreement. As of November 4, 2021, the registration statement has been declared effective. Closing of the transaction is expected to occur in the first quarter of 2022. The transaction is expected to be accretive to earnings in 2022 with minimal dilution of tangible book value. As of October 29, 2021, The transaction is expected to close in January, 2022.
Piper Sandler & Co. acted as financial advisor to Seacoast Banking Corporation of Florida. Randy Moore, Sarah McElroy, Brian D. Harvel, Clifford S. Stanford, Patrick R. Hanchey, Christopher C. Marquardt, Randolph A. Moore III and Kyle R. Woods of Alston & Bird LLP acted as legal advisors to Seacoast Banking Corporation of Florida. Hovde Group, LLC acted as financial advisor to Business Bank of Florida, Corp. Jeremy D. Siegfried of Porter Wright Morris & Arthur LLP acted as legal advisor to Business Bank of Florida, Corp. Hovde Group, LLC acted as fairness opinion provider to Business Bank of Florida, Corp. Continental Stock Transfer and Trust Company acted as transfer agent and registrar to Seacoast.
Seacoast Banking Corporation of Florida (NasdaqGS:SBCF) completed the acquisition of Business Bank of Florida, Corp. on January 3, 2022.
Seacoast Banking Corporation of Florida is a financial holding company. The Company's principal subsidiary is Seacoast National Bank (Seacoast Bank), a wholly owned national banking association. It provides integrated financial services, including commercial and consumer banking, wealth management and mortgage services to customers through online and mobile banking solutions and Seacoast Bank's network consists of over 75 traditional branches and commercial banking centers. Its loans held for investment are categorized as construction and land development, commercial real estate-owner-occupied, commercial real estate-non-owner-occupied, residential real estate, commercial and financial, and consumer and paycheck protection program. Its offices stretch from the southeast, including Fort Lauderdale, Boca Raton and Palm Beach, north along the east coast to the Daytona area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.
SEACOAST BANKING CORPORATION OF FLORIDA 
