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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
Big Lake Financial Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
11/22/2005
Announcement Date:
11/22/2005
Announced Deal Value ($ M):
42.90
Status:
Completed
Completion Date:
4/1/2006
Announced Deal Value Per Share ($ )
71.64

Consideration Breakout
Common Stock ($M) 51.5
Common Stock Issued 1,775,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 205.5 232.6
Price / Tangible Book (%) 214.8 241.4
Price / Earnings (x) 18.0 16.9
Price / Deposits (%) 14.98 17.27
Price / Assets (%) 13.77 15.91
Tangible Book Premium/ Deposits (%) 8.60 10.91
Deal Terms
Description of Consideration

Big Lake Financial Corp. shareholders received 2.95427 shares of Seacoast Banking Corp. common stock for each share of common stock outstanding.

Accounting Method Purchase
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 18,300
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 297
Maximum Termination Fee ($ 000) 2,150
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 2.954300
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) 6,787
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes The Burke Group LLC
Seller Yes Hovde Financial Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Smith Mackinnon PA