Fourth Quarter & Year-End Conference Call Slides Held on Thursday, January 29th, 2016
Friday, January 29, 201610:00 AM ET
Friday, October 23, 20151:00 PM ET
Click here to read The Seacoast Growth Story
Our banking subsidiary, Seacoast Bank, was chartered in 1926 and today
operates 45 offices, 59 ATMS and 5 commercial banking centers called Accelerate
offices in 15 counties along Florida’s east coast and central region. With approximately
$3.4 billion in assets, Seacoast ranks among the largest publicly traded community
banks based in the state of Florida (NASDAQ: SBCF).
We provide a full range of banking and investment services to businesses and consumers,
including personal and business deposit products, internet and mobile banking, personal,
commercial and mortgage loans, wealth management services, and treasury management
solutions—delivered conveniently and with a personal touch. Headquartered in Stuart,
Seacoast is the leader in bank deposit market share in Martin County, the Port St.
Lucie Metropolitan Statistical Area (MSA), and Okeechobee County, and closely rivals
the market penetration of its mega bank competitors in its other principal markets.
Seacoast operates in some of the wealthiest markets in Florida which provides an
ideal environment for the financial products and services we offer.
In recent years, the markets we serve have been transformed due to the real estate
collapse, national recession and credit crisis that followed, which caused most
of our community bank competitors to fail or be acquired by larger banks. Now, large
mega banks are our principal competition. We believe this market transformation
has created more opportunity to expand our market share by delivering on our value
proposition of providing distinctive customer service and investing in our communities.
Today, the banking industry is undergoing a new transformation created by customer
pursuit of convenience, better data analytics and distribution channel evolution.
These forces are reshaping the landscape and challenging the traditional community
bank model. Smaller banks have done little to integrate digital technology and most
are still executing branch-based business models. Seacoast, on the other hand, is
refining its business model, reducing its fixed costs and investing in technology
and other distribution channels.
One of our new distribution channels is Accelerate, an innovative small business
platform. With offices located in growing metro markets, Accelerate is solution-based
channel which integrates Seacoast’s business, internet and mobile banking services.
Seacoast’s history of expansion and acquisitions of like-minded institutions began
in 1985, when we first expanded outside of Martin County, entering Port St. Lucie.
This city is contiguous with northern Martin County and is one of the fastest growing
cities in the country. An aggressive expansion into Indian River County followed
In 2000, Seacoast National established its marine lending division, Seacoast Marine
Finance, which specializes in financing for boats, yachts and recreational vehicles.
Headquartered in Ft. Lauderdale, the division also has offices in California and
In 2002, we grew our footprint into Palm Beach County. Palm Beach County is a natural
channel for our future expansion, being a contiguous market south of Martin County
with tremendous growth opportunities.
Seacoast entered the Orlando market in 2005 with the acquisition of Century National
Bank, adding three locations in Orange and Seminole Counties, $107 million in loans
and $304 million in deposits.
This was quickly followed by our merger with Big Lake National Bank in 2006. As
a result of the Big Lake merger, Seacoast added offices in Okeechobee, Arcadia,
Clewiston, LaBelle, Lake Placid, and Moore Haven, as well as $324 million in assets,
$206 million in loans and $298 million in deposits.
In October 2014, we closed our acquisition of The BANKshares, Inc. and its subsidiary
BankFIRST, headquartered in Winter Park, Florida. The merger added 12 branches in
the Orlando market and the Space Coast, $670 million in assets and $506 million
in deposits. Moreover, the acquisition enhanced Seacoast’s already strong customer
base and strengthened its concentration of owner-occupied commercial loans.
In July 2015, we announced the closing of our acquisition of Grand
Bankshares, which operates Grand Bank & Trust of Florida. The acquisition added
$212 million in assets, $187 million in deposits, $118 million in loans and
three branch locations in Palm Beach County.
Looking forward, we will continue to grow our retail franchise by offering a unique
combination of customer convenience and accessibility offered by large banks and
other service providers, enhanced by our promise to deliver distinctive person-to-person
interactions and old-fashioned customer service and to invest back into our communities.
It’s what we believe people want: a team of local advisors with decision-making
capabilities who are part of the communities they serve and are responsive to the
requests and needs of their customers.