Seacoast Completes Acquisition of Fourth Street Banking Company

Seacoast expands its position in one of the fastest growing markets in Florida

STUART, Fla., Aug. 21, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF) ("Seacoast"), the holding company for Seacoast National Bank ("Seacoast Bank"), announced today the completion of its acquisition of Fourth Street Banking Company ("Fourth Street"), effective August 21, 2020, pursuant to the merger of Fourth Street with and into Seacoast and of Fourth Street's wholly-owned banking subsidiary, Freedom Bank, with and into Seacoast Bank.

Under the terms of the merger agreement, Fourth Street shareholders will receive 0.1275 shares of Seacoast common stock for each share of Fourth Street common stock held immediately prior to the merger. The resulting aggregate merger consideration paid by Seacoast was approximately $41.7 million.

Freedom Bank, headquartered in St. Petersburg, has deposits of approximately $359 million and loans of approximately $312 million as of June 30, 2020. The acquisition increases Seacoast’s presence in one of the strongest and fastest growing markets in Florida, and complements Seacoast’s prior acquisitions in the Tampa-St. Petersburg-Clearwater MSA, including GulfShore Bank and NorthStar Bank in 2017.

“We welcome Freedom Bank’s customers and employees into the Seacoast family,” said Dennis S. Hudson, III, Seacoast Chairman and CEO. “We are confident they will readily enjoy our broad range of convenient and mobile-accessible products and services as well as Seacoast’s personalized brand of customer service.”

Transaction Details

Piper Sandler Companies served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast. Hovde Group LLC served as financial advisor and Smith Mackinnon PA served as legal counsel to Fourth Street.

Customer Information

Freedom Bank customers will benefit immediately from the merger with access to Seacoast’s full suite of digital banking products and local Florida-based customer service. Additionally, customers will have fee-free access to Seacoast ATMs and more than 1,250 Publix ATMs across the Southeast.

About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)

Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $8.1 billion in assets and $6.7 billion in deposits as of June 30, 2020. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions and 50 traditional branches of its locally-branded, wholly-owned subsidiary bank, Seacoast Bank. Seacoast operates primarily in Florida, with concentrations in the state's fastest growing markets. The Company's 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. More information about the Company is available at www.SeacoastBanking.com.