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Seacoast Banking Corporation of Florida (symbol: SBCF) is a prominent financial institution headquartered in Stuart, Florida. Since its inception in 1926, the bank has grown strategically through a clear vision and the dedication of its professional employees. Seacoast Bank operates as the primary subsidiary, offering a comprehensive suite of financial services.
As one of the largest publicly traded commercial banks in Florida, Seacoast Bank provides integrated financial services, including commercial and consumer banking, wealth management, mortgage and insurance services. The bank combines the personalized service of a community bank with the advanced products and conveniences of a national financial institution.
Seacoast Bank's extensive network of branches extends from Palm Beach County through the Treasure Coast, reaching Orlando, Okeechobee, and surrounding counties. The bank is well-known for its commitment to local decision-making and understanding of the markets it serves, ensuring responsiveness to customer needs.
Recent achievements of Seacoast Banking Corporation include the expansion of their mobile and online banking solutions, enhancing accessibility for customers. The bank also offers specialized services such as treasury management, brokerage, and credit facilities, aiming to cater to a wide range of financial requirements.
Seacoast Banking Corporation's financial stability is underscored by its quality credit culture and the expertise of its professional staff. The company's focus on strategic growth and continuous improvement positions it as a leading entity in Florida's banking industry.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced the completion of two acquisitions: Sabal Palm Bancorp, Inc. and Business Bank of Florida, effective January 3, 2022. Sabal Palm Bank held approximately $389 million in deposits and $252 million in loans, while Florida Business Bank had around $169 million in deposits and $139 million in loans as of September 30, 2021. The mergers aim to enhance Seacoast's market presence in the attractive Sarasota market and Brevard County, facilitating growth through expanded customer access to financial products and services.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) will announce its fourth quarter 2021 earnings on January 27, 2022, after market close. Investors can access the results on Seacoast's website. A conference call will occur on January 28, 2022, at 10:00 a.m. ET where management will discuss the earnings and business trends. Seacoast is a significant community bank in Florida with approximately $9.9 billion in assets and $8.3 billion in deposits as of September 30, 2021, operating 52 branches from Fort Lauderdale to Central Florida.
Seacoast Banking Corporation of Florida (SBCF) has renewed its share repurchase program, allowing for the buyback of up to $100 million worth of its common stock, representing approximately 5.0% of shares outstanding as of December 16, 2021. The program will run until December 31, 2022, and shares may be repurchased through various methods including open market transactions. The actual timing and number of shares repurchased will depend on market conditions and financial performance.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a net income of $22.9 million, or $0.40 per diluted share, for Q3 2021, marking a 27% decrease from Q2 2021 but a 1% increase year-over-year. The adjusted net income was $29.4 million, with tangible book value per share rising 13% to $17.52. The company completed the acquisition of Legacy Bank, adding significant loans and deposits, and announced proposed acquisitions to enhance its market presence. Loan originations surged by 50% quarter-over-quarter, reflecting strong demand for credit.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced a quarterly cash dividend of $0.13 per share, declared on October 19, 2021. This dividend will be payable on December 31, 2021 to shareholders recorded by the close of business on December 15, 2021. As of June 30, 2021, Seacoast manages approximately $9.3 billion in assets and $7.8 billion in deposits, providing various financial services through its 52 branches across Florida.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is strategically expanding its operations into north Florida, appointing Brannon Fitch as executive vice president and regional president for the region. Fitch brings extensive leadership experience from BB&T. Additionally, Tim McLean joins as senior vice president of commercial real estate to lead efforts in Naples, with plans to enhance the bank's presence in this growing market. The company is also bolstering its commercial banking team across Florida, hiring experienced bankers to support growth initiatives.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) will announce its third quarter 2021 results on October 28, after market close. A conference call is scheduled for October 29 at 10:00 a.m. ET to discuss the earnings and business trends. Investors can access the webcast and view charts related to the call on Seacoast's website. As of June 30, 2021, the company holds approximately $9.3 billion in assets and $7.8 billion in deposits. More details can be found on their official site.
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) announced two significant acquisitions, targeting Sabal Palm Bancorp and Business Bank of Florida, expanding its footprint in Brevard and Sarasota counties. The deals will enhance Seacoast’s asset base by approximately $600 million, with Sabal Palm holding $377 million in deposits and $272 million in loans, while Florida Business Bank has $166 million in deposits and $136 million in loans. These acquisitions are projected to be 4% accretive to earnings in 2023, with minimal dilution of tangible book value.
Seacoast Banking Corporation of Florida announced the successful acquisition of Legacy Bank of Florida on August 6, 2021. With this merger, Legacy Bank shareholders received 0.1703 shares of Seacoast common stock for each share held. The acquisition enhances Seacoast's footprint in the rapidly growing Palm Beach and Broward counties, with Legacy Bank holding approximately $485 million in deposits and $476 million in loans as of June 30, 2021. Seacoast aims to leverage its digital solutions and customer service to create value for shareholders through this strategic move.
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