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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
First Green Bancorp, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
6/11/2018
Announcement Date:
6/11/2018
Announced Deal Value ($ M):
135.06
Status:
Completed
Completion Date:
10/19/2018
Announced Deal Value Per Share ($ )
23.45

Consideration Breakout
Common Stock ($M) 109.3
Common Stock Issued 4,000,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 178.3 146.7
Price / Tangible Book (%) 178.3 146.7
Price / Earnings (x) 35.8 18.9
Price / Deposits (%) 21.43 17.51
Price / Assets (%) 18.48 14.58
Tangible Book Premium/ Deposits (%) 13.27 6.97
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida exchanged 0.7324 shares of its common stock for each of the outstanding share of First Green Bancorp Inc. Total Deal Value includes value of stock options. Target financials are for First Green Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 56,704
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 8,743
Est. Restructuring Charges ($ 000) 9,700
Maximum Termination Fee ($ 000) 5,300
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.732400
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) 9,492
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Smith Mackinnon PA