STUART, Fla., May 18, 2017 -- Seacoast Banking Corporation of Florida ("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast National Bank ("Seacoast Bank"), announced today that it has signed a definitive agreement to acquire NorthStar Banking Corporation ("NSBC"), the holding company for NorthStar Bank, as well as Palm Beach Community Bank ("PBCB"), in a transaction that will expand Seacoast's presence in the attractive Tampa and South Florida markets and strengthen its position in Florida.
Pursuant to the terms of the merger agreement, NSBC, headquartered in Tampa, will be merged with and into Seacoast, and NorthStar Bank will be merged with and into Seacoast Bank. Organized in 2005, NSBC has deposits of $168 million and loans of $137 million, and will increase Seacoast's assets in Tampa by 38% to approximately $554 million. NSBC operates three branches in the Tampa MSA, enhancing Seacoast's presence in the region, and expands on Seacoast's acquisition of GulfShore Bancshares, Inc., also headquartered in Tampa, which closed in April 2017.
"This in-market transaction expands our footprint in Tampa, Florida's second largest MSA," said Dennis S. Hudson III, Seacoast chairman and CEO. "The acquisition of NorthStar Banking Corporation deepens our presence in the strategically important Tampa market and builds on our acquisition of GulfShore Bank, completed last month. We are executing our 'land and expand' strategy of enlarging our initial beachhead, as we did successfully in the adjacent Orlando market last year."
Pursuant to the terms of the merger agreement, PBCB, headquartered in West Palm Beach, will be merged with and into Seacoast Bank. Organized in 2008, PBCB has deposits of $281 million and loans of $290 million, and will increase Seacoast's assets by nearly 7 percent to approximately $5.03 billion. PBCB operates four branches in West Palm Beach, enhancing Seacoast's presence in Palm Beach County, and builds on Seacoast's acquisition of Grand Bankshares Inc. in July 2015.
"This is a compelling acquisition that expands our footprint in Palm Beach County, part of Florida's largest MSA," said Dennis S. Hudson III, Seacoast chairman and CEO. "The acquisition of Palm Beach Community Bank increases our market share and gives current and prospective Palm Beach customers immediate access to our products and services, delivered by our knowledgeable local team as well as mobile and online banking, our local call center and access to the Publix ATM network."
"Our customers will benefit from our combination with Seacoast, a successful community bank with strong local roots," said Cal Cearley, CEO of Palm Beach Community Bank. "Seacoast's well-established brand, commitment to the communities it serves, and wide range of mobile and digitally enabled products makes them an ideal partner."