Southeastern Bank Financial to acquire First Bank of the Palm Beaches for $32.9M
Seacoast Banking, the holding company for Seacoast National Bank, announced it has signed a definitive agreement to acquire First Bank of the Palm Beaches in a transaction that will expand Seacoast's presence in the attractive Palm Beach County market. Pursuant to the terms of the merger agreement, Following the merger, Shearouse plans to remain with Seacoast as its Palm Beach County Market President. Under the terms of the merger agreement, First Bank shareholders will receive 0.2000 shares of Seacoast common stock for each share of First Bank common stock. Based on Seacoast's closing price of $29.53 as of Nov. 18, the transaction is valued at approximately $32.9M or $5.91 per share. Closing of the acquisition is expected late in the Q1 of FY20 following receipt of approvals from regulatory authorities, the approval of First Bank shareholders and the satisfaction of other customary closing conditions.