Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has purchased Legacy Bank of Florida, in a transaction that will expand Seacoast’s presence in Broward and Palm Beach counties in Florida’s largest metropolitan statistical area.
“Legacy Bank of Florida is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market. We see great opportunity in complementing its strengths with Seacoast’s innovation and breadth of offerings to grow our presence and expand our position in South Florida,” said Charles M. Shaffer, Seacoast’s president and CEO. “The transaction is expected to be accretive to earnings in 2021 with minimal dilution of tangible book value, and will build upon our previous South Florida acquisitions adding scale in one of the fastest growing and dynamic markets in the United States. We look forward to welcoming the employees and customers of Legacy Bank to the Seacoast franchise.”
“Since 2006, Legacy Bank of Florida has been committed to white glove service, local decision-making, and competitive products. We are delighted to partner with Seacoast, which shares our values and has been serving Florida consumers and businesses for more than 90 years,” said Dennis G. Bedley, chairman and CEO of Legacy Bank of Florida.
Piper Sandler & Co. served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast. Hovde Group served as financial advisor and Fenimore, Kay, Harrison & Ford LLP served as legal counsel to Legacy Bank.