Seacoast Banking Corporation of Florida has agreed to acquire Floridian Financial Group in a deal valued at around $76.5m.
The deal follows Seacoast’s previous acquisition of BankFIRST in 2014. Additionally, Seacoast’s acquisition of BMO Harris’ franchise in Orlando is pending.
Based in Lake Mary, Florida, Floridian currently operates 10 branches in Orlando and Daytona Beach with $426m worth of assets, $361m in deposits, and $289m in gross loans which will be added to Seacoast.
Around 86% of Floridian’s total deposits consist of low-cost core deposit accounts, with 33% of total deposits in transaction accounts.
Seacoast Banking chairman and CEO Dennis S. Hudson said: "This transaction is consistent with our strategy of combining organic growth with accretive acquisitions. With the pending acquisition of the BMO Harris branch franchise and now Floridian, Seacoast is expanding our franchise and building on our previous momentum in Orlando and Florida overall.
"Greater Orlando’s vibrant economy continues to diversify, with strong gains in employment due to significant growth from companies in the high tech, healthcare and life science fields."
Subject to approval by Floridian’s shareholders, receipt of regulatory approvals and other customary closing conditions, the acquisition is expected to be completed in the first quarter of 2016.
Upon completion of the deal, Floridian Bank will be merged with and into Seacoast Banking’s subsidiary Seacoast Bank.
The acquisitions of Floridian and the BMO Harris branches is expected to strengthen Seacoast’s position as Florida-based community bank.