Seacoast Banking Corp. of Florida (NASDAQ: SBCF), the holding company for Seacoast National Bank, has acquired Sabal Palm Bancorp Inc., parent company of Sabal Palm Bank, and Business Bank of Florida, parent company of Florida Business Bank.
Sabal Palm Bank and Florida Business Bank will merge into Seacoast with Seacoast National Bank being the surviving institution. Sabal has deposits totaling $389 million with loans of $252 million. Florida Business brings $169 million in deposits and $139 million in loans as of September 30, 2021.
“We’re excited to enter the highly attractive and dynamic Sarasota market and to continue to grow our presence in Brevard County,”said Charles Shaffer, Seacoast’s president and chief executive officer. “We are delighted to welcome Sabal Palm Bank and Florida Business Bank customers and employees into the Seacoast family.”
Piper Sandler & Co. served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast on both transactions. Hovde Group LLC served as financial advisor to Sabal Palm and BBFC. Smith Mackinnon, PA served as legal counsel to Sabal Palm and Porter Wright Morris & Arthur LLP served as legal counsel to BBFC.