Seacoast Banking has completed its previously announced acquisition of Grand Bankshares.
Under the terms of the definitive agreement, each share of Grand common stock and preferred A stock was converted into the right to receive 0.3114 shares of Seacoast common stock, or a total of approximately 1.09 million shares of Seacoast common stock.
Holders of Grand preferred B stock outstanding are entitled to receive a cash payment of $1,000 per share of preferred B stock, or a total of approximately $1.48 million in cash.
The transaction is expected to be immediately accretive to Seacoast’s tangible book value per common share. The transaction is also expected to be accretive to Seacoast’s diluted earnings per common share for the first twelve months after the transaction closes, and thereafter.
Simultaneous with the closing of the merger, Grand Bank & Trust of Florida ("Grand Bank"), Grand’s wholly owned subsidiary, merged with and into Seacoast’s wholly owned subsidiary, Seacoast Bank. Grand had approximately $212 million of assets, $118.5 million of loans and $187.6 million of deposits as of March 31, 2015.
"We are excited to welcome Grand’s customers to Seacoast," said Dennis S. Hudson, III, Seacoast’s Chairman and CEO. "This acquisition will more than double our existing market share in the attractive Palm Beach County market, which is one of our fastest growing markets and the second highest county for per capita income in the state of Florida. We are now the third largest Florida-based bank in Palm Beach County."
Mr. Hudson continued, "This transaction continues our strategic plan of building a community bank that offers the products and services of a large bank, while maintaining the personal touch and engagement of a community bank. Seacoast will continue to deliver the high-touch level of service that customers expect, with an expanded branch and ATM network and a broad range of products and expertise in retail, wealth management, small business and commercial banking."