Seacoast Bank of Florida, the holding company for Seacoast National Bank, completed its acquisition of Professional Holding Corp., the parent company of Professional Bank. Seacoast National Bank is the surviving financial institution.
Under the terms of the merger agreement, Professional shareholders received 0.8909 shares of Seacoast common stock for each share of Professional common stock held immediately prior to the merger and Professional 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 0.8909 exchange ratio.
Professional Bank, the sixth largest bank headquartered in South Florida, had deposits of approximately $2.2 billion and loans of approximately $2.1 billion as of Dec. 31.
“Professional Bank will be a strong addition to Seacoast’s breadth of offerings, accelerating our growth strategy and expanding our presence in the attractive tri-county South Florida market,” Charles M. Shaffer, CEO and chairman of Seacoast, said. “With the combined scale, we will bring to market a larger balance sheet, a greater digital product set and the banking team to become South Florida’s most competitive community bank. We are excited to welcome Professional’s employees and customers to the Seacoast franchise.”
Piper Sandler served as financial advisor and Alston & Bird served as legal counsel to Seacoast. Stephens served as financial advisor and the Gunster Law Firm served as legal counsel to Professional.
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