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Deal Overview

Buyer:
Seacoast Banking Corporation of Florida
Actual Acquirer:
Seacoast Banking Corporation
Target:
Port Saint Lucie National Bank Holding Corporation
Deal Type:
Bank & Thrift Company
Agreement Date:
2/19/1997
Announcement Date:
2/19/1997
Announced Deal Value ($ M):
25.90
Status:
Completed
Completion Date:
5/30/1997
Announced Deal Value Per Share ($ )
NA

Consideration Breakout
Common Stock ($M) 24.1
Common Stock Issued 900,000

Deal Pricing Ratios

Announcement Completion
Price / Book (%) 247.3 230.1
Price / Tangible Book (%) 247.3 230.1
Price / Earnings (x) 17.7 16.4
Price / Deposits (%) 21.79 20.28
Price / Assets (%) 19.85 18.47
Tangible Book Premium/ Deposits (%) 14.22 12.44
Deal Terms
Description of Consideration

Port St. Lucie shareholders received, in aggregate, 900,000 shares of Seacoast common stock. Seller's financials are for Port St. Lucie National Bank.

Accounting Method Pooling of Interests
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) NA
Maximum Termination Fee ($ 000) 0
Minimum Termination Fee ($ 000) NA
Exchange Ratio (Common For Common) NA
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) 0
Deal Advisers
Financial Advisers
Party Advised Adviser Hired? Firm Name
Buyer Yes SunTrust Robinson Humphrey
Seller Yes Austin Associates LLC
Legal Counsel
Party Advised Adviser Hired? Firm Name
Buyer Yes Alston & Bird LLP
Seller Yes Gunster Yoakley & Stewart PA