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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
Grand Bankshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
3/25/2015
Announcement Date:
3/25/2015
Announced Deal Value ($ M):
15.25
Status:
Completed
Completion Date:
7/17/2015
Announced Deal Value Per Share ($ )
4.35

Consideration Breakout
Cash ($M) 1.5
Common Stock ($M) 17.6
Common Stock Issued 1,090,492

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 110.7 126.0
Price / Tangible Book (%) 110.7 126.0
Price / Earnings (x) 17.5 20.1
Price / Deposits (%) 8.29 9.55
Price / Assets (%) 7.33 8.44
Tangible Book Premium/ Deposits (%) 0.89 2.19
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida exchanged 0.3114 shares of its common stock to acquire each outstanding shares of Grand Bankshares Inc. Seacoast Banking Corp. of Florida assumed all of Grand's obligations with respect to its outstanding trust preferred securities, including $7,217,000 of Junior Subordinated Notes. Seacoast Banking Corp. of Florida also paid approximately $1.481 million in cash for all of Grand Bankshares Inc.'s outstanding shares of preferred B stock.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 0
Estimated Cost Savings (%) NA
Estimated Cost Savings ($ 000) NA
Est. Restructuring Charges ($ 000) 3,500
Maximum Termination Fee ($ 000) 725
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.311400
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) 2,564
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Sandler O'Neill & Partners LP
Seller Yes Hovde Group LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Sullivan & Cromwell LLP
Seller Yes Smith Mackinnon PA