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Seacoast to Acquire Professional Bank to Expand in South Florida.

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Vincent

MANews-(C)2009-2022

Florida-based community bank Seacoast Banking Corp. of Florida (NASDAQ: SBCF), the holding company for Seacoast National Bank, Professional Holding Corp. (NASDAQ: PFHD), parent company of Professional Bank, have entered into a definitive agreement under which Seacoast will acquire Professional to expand presence in South Florida, the company said.

Under the terms of the acquisition agreement, Professional shareholders are to receive 0.8909 shares of Seacoast common stock for each share of Professional common stock.

The exchange ratio for the transaction is fixed, which means that the transaction value will fluctuate as a result of changes in Seacoast's stock price. Based on Seacoast's closing price of USD 36.75 per share, as of August 5, 2022, the transaction is valued at approximately USD 488.6m.

Closing of the transaction is expected in the first quarter of 2023, following receipt of approvals from regulatory authorities, required shareholder approvals, and the satisfaction of other customary closing conditions.

The proposed transaction will expand Seacoast's footprint in the tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach Counties, the largest MSA in Florida and the eighth largest in the nation.

Following completion of the transaction and system...

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