Seacoast Banking Corporation of Florida Announces Management Appointments Expanding Its Credit and Analytics Function
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) has appointed Richard Raiford as Chief Credit Officer, succeeding David Houdeshell, who transitions to Director of Credit Analytics and Policy. Raiford brings extensive credit management experience from roles at East West Bank and JP Morgan Chase. This leadership change aims to enhance Seacoast's credit growth while upholding rigorous underwriting standards. Seacoast, with approximately $8.1 billion in assets as of June 30, 2020, continues to position itself as a key community bank in Florida.
- Appointment of Richard Raiford as Chief Credit Officer expected to strengthen credit management.
- David Houdeshell's new role focuses on enhancing credit analytics and policy.
- Seacoast's growth strategy remains focused on maintaining strict underwriting standards.
- None.
Hires Richard Raiford as Chief Credit Officer; Appoints David Houdeshell as Director of Credit Analytics and Policy
STUART, Fla., Aug. 17, 2020 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF) (the "Company" or "Seacoast") today announced it has hired Richard Raiford as executive vice president and chief credit officer. David Houdeshell, currently executive vice president and chief credit officer, will assume a newly created role leading the Company's growing credit analytics and policy division.
"As Seacoast continues its growth as Florida’s preeminent community bank, we will continue to expand our leadership team. We believe that Richard's previous credit experience at several large and well-respected institutions adds depth to our credit team, and should position the Company for growth while maintaining our commitment to rigorous underwriting and credit monitoring," said Chuck Shaffer, president and chief operating officer.
Shaffer added, "David has done an outstanding job as Seacoast’s steward of credit, leading our balanced growth strategy and helping develop our conservative and strict underwriting culture. In this newly created role, David will continue to refine Seacoast’s differentiated credit analytics capabilities."
Raiford most recently served as chief credit officer for East West Bank in California, where he was responsible for managing the risk exposure of a diverse mix of commercial and industrial, commercial real estate, and consumer credits. Raiford previously spent 28 years with JP Morgan Chase in a number of risk management, middle-market banking, and investment banking leadership roles. Raiford has a Bachelor of Arts degree in Asian studies from Amherst College and a Master of Arts degree in international relations from Johns Hopkins University.
David Houdeshell will now serve as executive vice president and director of credit analytics and policy. This newly created position recognizes David’s pivotal role in recent years developing and implementing Seacoast’s robust credit policy and analytics capabilities. We believe that David will bring the vigilant focus to this increasingly important function to support Seacoast’s prudent growth. Houdeshell, who has been with Seacoast since 2010, will also be responsible for leading the special assets department.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida, with approximately
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This press release contains "forward-looking statements" within the meaning, and protections, of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, as well as statements with respect to Seacoast's leadership team and board of directors, objectives, strategic plans, expectations and intentions and other statements that are not historical facts, any of which may be impacted by the COVID-19 pandemic and related effects on the U.S. economy. Actual results may differ from those set forth in the forward-looking statements.
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Given the many unknowns and risks being heavily weighted to the downside, our forward-looking statements are subject to the risk that conditions will be substantially different than we are currently expecting. If efforts to contain COVID-19 are unsuccessful and restrictions on movement last into the third quarter or beyond, the recession would be much longer and much more severe. Ineffective fiscal stimulus, or an extended delay in implementing it, are also major downside risks. The deeper the recession is, and the longer it lasts, the more it will damage consumer fundamentals and sentiment. This could both prolong the recession, and/or make any recovery weaker. Similarly, the recession could damage business fundamentals. And an extended global recession due to COVID-19 would weaken the U.S. recovery. As a result, the outbreak and its consequences, including responsive measures to manage it, have had and are likely to continue to have an adverse effect, possibly materially, on our business and financial performance by adversely affecting, possibly materially, the demand and profitability of our products and services, the valuation of assets and our ability to meet the needs of our customers.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2019 and our quarterly reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020, under "Special Cautionary Notice Regarding Forward-looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
Media Contact:
Jennifer Reissman
772-463-8947
Jennifer.Reissman@seacoastbank.com
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