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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
Floridian Financial Group, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/2/2015
Announcement Date:
11/3/2015
Announced Deal Value ($ M):
78.26
Status:
Completed
Completion Date:
3/11/2016
Announced Deal Value Per Share ($ )
12.53

Consideration Breakout
Cash ($M) 26.6
Common Stock ($M) 49.9
Common Stock Issued 3,291,066

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 145.5 141.0
Price / Tangible Book (%) 145.5 141.0
Price / Earnings (x) 33.9 40.5
Price / Deposits (%) 21.65 22.64
Price / Assets (%) 18.49 19.06
Tangible Book Premium/ Deposits (%) 8.73 8.37
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida paid $12.25 per share in cash or issued 0.8140 shares of its common stock to acquire each outstanding share of Floridian Financial Group Inc., subject to 65% of consideration being paid in stock. Target's financials are for Floridian Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Partial Overlap
Goodwill Generated ($ 000) 31,632
Estimated Cost Savings (%) 45.00
Estimated Cost Savings ($ 000) 5,280
Est. Restructuring Charges ($ 000) 7,500
Maximum Termination Fee ($ 000) 3,000
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.814000
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) 3,375
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes B. Riley FBR Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Cadwalader Wickersham & Taft
Seller Yes Gunster Yoakley & Stewart PA