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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
Century National Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
11/30/2004
Announcement Date:
11/30/2004
Announced Deal Value ($ M):
46.19
Status:
Completed
Completion Date:
4/30/2005
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Unclassified ($M) 46.2
Common Stock Issued 1,498

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 258.4 235.5
Price / Tangible Book (%) 258.4 235.5
Price / Earnings (x) 30.8 20.5
Price / Deposits (%) 17.83 15.92
Price / Assets (%) 16.28 14.89
Tangible Book Premium/ Deposits (%) 11.35 9.47
Deal Terms
Description of Consideration

Seacoast paid $46,193,088 in cash and stock for Century National Bank, subject to no more than 1,506,160 shares being issued and a maximum cash consideration of $15,693,342.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 28,861
Estimated Cost Savings (%) 10.00
Estimated Cost Savings ($ 000) 373
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,850
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) NA
Exchange Ratio (Common For Preferred) NA
Exchange Ratio (Preferred For Common) NA
Exchange Ratio (Preferred For Preferred) NA
Lockup Agreement No
Strike Price ($ ) NA
% of Shares Outstanding NA
Shares Under Option NA
Core Deposit Intangibles ($ 000) 2,258
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes The Burke Group LLC
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Smith Mackinnon PA