Acquisitive Seacoast buying two more Florida banks

The acquisitive Seacoast Banking Corp. of Florida mentioned Monday it might purchase two extra banks within the Sunshine State: Sabal Palm Bancorp in Sarasota and Enterprise Financial institution of Florida in Melbourne.

Stuart-based Seacoast, which has closed 10 financial institution offers over the previous decade, mentioned it might pay roughly $53.9 million for Sabal Palm and about $28.4 million for Enterprise Financial institution of Florida.

Each are all-stock offers anticipated to shut within the first quarter of 2022.

The acquisitions, introduced collectively, would collectively give the $9.3 billion-asset Seacoast one other $600 million of property. The proposed transactions would deepen Seacoast’s presence in Brevard County and supply it entry into the Sarasota market, the financial institution mentioned in a launch after markets closed Monday.

Sabal Palm Financial institution operates three branches in Sarasota. It has deposits of roughly $377 million and loans of $272 million. Florida Enterprise Financial institution operates one department in Melbourne and has $166 million of deposits and $136 million of loans.

“Sabal Palm Financial institution and Florida Enterprise Financial institution are two extremely profitable, area people banking franchises…We see nice alternative to enrich their strengths with Seacoast’s innovation and breadth of choices to develop our presence and develop our place in two very engaging Florida markets,” Charles Shaffer, Seacoast’s president and CEO, mentioned within the launch.

Seacoast mentioned it expects the transactions to be 4% accretive to earnings per share in 2023, the primary full 12 months of mixed operations. The financial institution estimated it might earn again tangible guide worth dilution inside 15 months of closing.

The most recent deal would proceed Seacoast’s shopping for spree in southern Florida.

Earlier this month, Seacoast closed its $102 million acquisition of Legacy Bank of Florida in Boca Raton. It additionally purchased Grand Bankshares in 2015, Palm Seashore Group Financial institution in 2017, First Inexperienced Bancorp in 2018, and First Financial institution of the Palm Seashores in 2020.

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