Seacoast Banking Corporation of Florida Completes Acquisition of Fourth Street Banking
AUG 24, 2020 - 6:55 am
Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, completed its acquisition of Fourth Street Banking Company, effective Aug. 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 National 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, FL, has deposits of approximately $359 million and loans of approximately $312 million as of June 30, 2020. The acquisition complements Seacoast’s prior acquisitions in the region, including GulfShore Bank and NorthStar Bank in 2017.
“We welcome Freedom Bank’s customers and employees into the Seacoast family,” Dennis S. Hudson III, chairman and CEO of Seacoast Banking Corporation of Florida, said. “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.”
Piper Sandler Companies served as financial advisor and Alston & Bird served as legal counsel to Seacoast Banking Corporation of Florida. Hovde Group served as financial advisor and Smith Mackinnon served as legal counsel to Fourth Street.
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