Freedom Bank customers will benefit immediately from the merger with access to Seacoast’s full suite of digital banking products and local Florida-based customer service
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (“Seacoast”), the holding company for Seacoast National Bank (“Seacoast Bank”), announced today the completion of its acquisition of Fourth Street Banking Company (“Fourth Street”), effective August 21, 2020, pursuant to the merger of Fourth Street with and into Seacoast and of Fourth Street’s wholly-owned banking subsidiary, Freedom Bank, with and into Seacoast Bank.
Under the terms of the merger agreement, Fourth Street shareholders will receive 0.1275 shares of Seacoast common stock for each share of Fourth Street common stock held immediately prior to the merger. The resulting aggregate merger consideration paid by Seacoast was approximately $41.7 million.
Freedom Bank, headquartered in St. Petersburg, has deposits of approximately $359 million and loans of approximately $312 million as of June 30, 2020. The acquisition increases Seacoast’s presence in one of the strongest and fastest growing markets in Florida, and complements Seacoast’s prior acquisitions in the Tampa-St. Petersburg-Clearwater MSA, including GulfShore Bank and NorthStar Bank in 2017.
“We welcome Freedom Bank’s customers and employees into the Seacoast family,” said Dennis S. Hudson, III, Seacoast Chairman and CEO. “We are confident they will readily enjoy our broad range of convenient and mobile-accessible products and services as well as Seacoast’s personalized brand of customer service.”
Source: Company Press Release