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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast National Bank
Target:
First Bank of the Palm Beaches
Deal Type:
Bank & Thrift Company
Agreement Date:
11/19/2019
Announcement Date:
11/19/2019
Announced Deal Value ($ M):
32.90
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
5.91

Consideration Breakout
Common Stock ($M) 30.8

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 200.2 NA
Price / Tangible Book (%) 200.2 NA
Price / Earnings (x) 30.3 NA
Price / Deposits (%) 19.16 NA
Price / Assets (%) 17.40 NA
Tangible Book Premium/ Deposits (%) 11.41 NA
Deal Terms
Description of Consideration

Seacoast Banking Corporation of Florida will exchange 0.2 shares of its stock for each outstanding share of First Bank of the Palm Beaches.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 13,000
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 2,672
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,500
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.200000
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) 3,607
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Keefe Bruyette & Woods Inc.
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Gunster Yoakley & Stewart PA