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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
Fourth Street Banking Company
Deal Type:
Bank & Thrift Company
Agreement Date:
1/23/2020
Announcement Date:
1/23/2020
Announced Deal Value ($ M):
63.60
Status:
Pending
Completion Date:
NA
Announced Deal Value Per Share ($ )
3.75

Consideration Breakout
Common Stock ($M) 62.3
Common Stock Issued 2,119,721

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 173.3 NA
Price / Tangible Book (%) 173.3 NA
Price / Earnings (x) 14.4 NA
Price / Deposits (%) 20.63 NA
Price / Assets (%) 18.76 NA
Tangible Book Premium/ Deposits (%) 11.46 NA
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida will exchange 0.1275 shares of its common stock for each of the outstanding share of Fourth Street Banking Co. Target financials are for Freedom Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 26,000
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 4,323
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 2,900
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.127500
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) 5,176
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Piper Sandler & Co.
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Smith Mackinnon PA