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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
GulfShore Bancshares, Inc.
Deal Type:
Bank & Thrift Company
Agreement Date:
11/3/2016
Announcement Date:
11/4/2016
Announced Deal Value ($ M):
53.32
Status:
Completed
Completion Date:
4/7/2017
Announced Deal Value Per Share ($ )
9.76

Consideration Breakout
Cash ($M) 8.0
Common Stock ($M) 63.4
Common Stock Issued 2,626,693

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 147.1 196.4
Price / Tangible Book (%) 147.1 196.4
Price / Earnings (x) 40.4 NM
Price / Deposits (%) 19.10 24.59
Price / Assets (%) 16.10 20.86
Tangible Book Premium/ Deposits (%) 6.73 13.79
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida paid $1.47 per share in cash and exchanged 0.4807 shares of its common stock for each outstanding share of GulfShore Bancshares Inc. Target financials are for GulfShore Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? Market Expansion
Goodwill Generated ($ 000) 37,098
Estimated Cost Savings (%) 35.00
Estimated Cost Savings ($ 000) 2,514
Est. Restructuring Charges ($ 000) 5,800
Maximum Termination Fee ($ 000) 2,125
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.480700
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) 3,927
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 Foley & Lardner LLP