STUART, Fla., January 31, 2023 -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF) ("Seacoast" or the "Company"), the holding company for Seacoast National Bank, announced today the completion of its acquisition of Professional Holding Corp. (“Professional”) (NASDAQ: PFHD), parent company of Professional Bank, effective January 31, 2023. The merger of Professional Bank with and into Seacoast National Bank was also effective January 31, 2023, with Seacoast National Bank being 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 December 31, 2022
Charles M. Shaffer, Seacoast's Chairman and CEO, stated, “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. 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."