Seacoast Bank Completes Acquisition of Legacy Bank of Florida

Seacoast Banking Corporation of Florida, the holding company for Seacoast Bank, completed its acquisition of Legacy Bank of Florida, effective Aug. 6, pursuant to the merger of Legacy Bank with and into Seacoast Bank.

Under the terms of the merger agreement, Legacy Bank shareholders received 0.1703 shares of Seacoast common stock for each share of Legacy Bank common stock they held immediately prior to the merger, and Legacy Bank option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 0.1703 exchange ratio.

Legacy Bank, headquartered in Boca Raton, FL, had deposits of approximately $485 million and loans of approximately $476 million as of June 30.

“Our acquisition of Legacy Bank accelerates Seacoast’s expansion into Palm Beach and Broward County and positions us to increase shareholder value over time by bringing our broad range of convenient digital solutions and personalized brand of customer service to new markets and clients,” Charles Shaffer, president and CEO of Seacoast Bank, said. “With a shared vision of customer service and supporting our communities, we are excited about building on this combination with Legacy Bank in the future years ahead.”

Piper Sandler served as financial advisor and Alston & Bird served as legal counsel to Seacoast. Hovde Group served as financial advisor and Fenimore, Kay, Harrison & Ford served as legal counsel to Legacy Bank.

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