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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast National Bank
Target:
Palm Beach Community Bank
Deal Type:
Bank & Thrift Company
Agreement Date:
5/4/2017
Announcement Date:
5/4/2017
Announced Deal Value ($ M):
71.26
Status:
Completed
Completion Date:
11/3/2017
Announced Deal Value Per Share ($ )
28.11

Consideration Breakout
Cash ($M) 15.6
Common Stock ($M) 57.7
Common Stock Issued 2,316,345

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 170.8 179.7
Price / Tangible Book (%) 170.8 179.7
Price / Earnings (x) 20.0 26.1
Price / Deposits (%) 25.40 28.08
Price / Assets (%) 20.60 23.12
Tangible Book Premium/ Deposits (%) 16.53 19.47
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida paid $6.26 per share in cash and issued 0.9240 shares of its common stock for each outstanding share of Palm Beach Community Bank. Exchange ratio was subject to adjustment based on Seacoast Banking Corp. of Florida's closing price within a $21.00-$22.75 cap/floor.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 34,751
Estimated Cost Savings (%) 50.00
Estimated Cost Savings ($ 000) 3,976
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 3,600
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.924000
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) 2,523
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes FIG Partners LLC
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Holland & Knight LLP