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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation of Florida
Target:
NorthStar Banking Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
5/18/2017
Announcement Date:
5/18/2017
Announced Deal Value ($ M):
29.87
Status:
Completed
Completion Date:
10/20/2017
Announced Deal Value Per Share ($ )
14.79

Consideration Breakout
Cash ($M) 4.7
Common Stock ($M) 26.6
Common Stock Issued 1,097,675

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 136.8 145.6
Price / Tangible Book (%) 136.8 145.6
Price / Earnings (x) 38.6 36.9
Price / Deposits (%) 17.80 19.13
Price / Assets (%) 14.10 15.18
Tangible Book Premium/ Deposits (%) 6.09 7.56
Deal Terms
Description of Consideration

Seacoast Banking Corp. of Florida paid $2.40 in cash and exchanged 0.5605 shares of its common stock for each outstanding share of NorthStar Banking Corp. Target financials are for NorthStar Bank.

Accounting Method Acquisition
In-State Transaction? Yes
Merger of Equals? No
Geographic Expansion? In Market
Goodwill Generated ($ 000) 12,305
Estimated Cost Savings (%) 56.00
Estimated Cost Savings ($ 000) 4,002
Est. Restructuring Charges ($ 000) NA
Maximum Termination Fee ($ 000) 1,650
Minimum Termination Fee ($ 000) 0
Exchange Ratio (Common For Common) 0.560500
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) 1,275
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes Raymond James & Assoc. Inc.
Seller Yes Sandler O'Neill & Partners LP
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Bush Ross, P.A.