STUART, Fla., May 19, 2015 /PRNewswire/ -- Seacoast
Banking Corporation of Florida
(NASDAQ: SBCF), a bank holding company whose principal subsidiary
is Seacoast Bank, has purchased certain assets, factored
receivables, and employee expertise of First Growth Capital (FGC),
the Commercial Accounts Receivable Funding and Small Asset Based
Facility group, a division of FCC, LLC.
The transaction expands Seacoast's current receivables funding
capabilities, providing its business customers additional options
to improve their working capital and cash flow positions. FGC
currently provides invoice financing and small asset based
facilities to companies with annual business-to-business domestic
sales between $2 million and $250
million.
"When a company needs cash to operate and grow, a slow invoice
turnaround can tie up valuable working cash needed to invest back
in to one's business. We're constantly exploring new ways to help
our customers simplify the financial aspects of their businesses so
they can focus on growth," said Seacoast EVP & Commercial
Market Executive, Charles K. Cross
Jr. "Whether a loan or an accounts receivable funding
arrangement helps them meet their goals, we want our customers to
feel in control and confident about their company's future. The
lift-out of First Growth Capital and its entire team enables us to
build upon our full suite of financing options for our business
customers."
As part of the acquisition, Jay
Atkins, former Executive Vice President and President of
First Growth Capital, joins Seacoast Bank as Executive Vice
President and President of the new division, which is named
Seacoast Business Funding.
A leader in the industry, Atkins is a nationally recognized
speaker and trainer for International Factoring Association (IFA),
where he has consistently been rated an A+ lecturer and presenter
by students and attendees. He holds a B.A. in finance from the
University of Charleston.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida is one of the largest community banks
headquartered in Florida with
approximately $3.2 billion in assets
and $2.6 billion in deposits as of
March 31, 2015. The Company
provides integrated financial services including commercial and
retail banking, wealth management, and mortgage services to
customers through 42 traditional branches of its locally-branded
wholly-owned subsidiary bank, Seacoast Bank, and five commercial
banking centers. Offices stretch from Ft. Lauderdale, Boca
Raton and West Palm Beach
north through the Space Coast of Florida, into Orlando and Central
Florida, and west to Okeechobee and surrounding counties.
Important Information for Investors and
Shareholders
This communication does not constitute
an offer to sell or the solicitation of an offer to buy any
securities or a solicitation of any vote or approval, nor shall
there be any sale of securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of such jurisdiction.
Seacoast Banking Corporation of Florida ("Seacoast") will file with the
Securities and Exchange Commission ("SEC") a registration statement
on Form S-4 containing a proxy statement of Grand Bankshares, Inc.
("Grand") and a prospectus of Seacoast, and Seacoast will file
other documents with respect to the proposed merger. A definitive
proxy statement/prospectus will be mailed to shareholders of Grand.
Investors and security holders of Grand are urged to read the proxy
statement/prospectus and other documents that will be filed with
the SEC carefully and in their entirety when they become available
because they will contain important information. Investors and
security holders will be able to obtain free copies of the
registration statement and the proxy statement/prospectus (when
available) and other documents filed with the SEC by Seacoast
through the website maintained by the SEC
at http://www.sec.gov. Copies of the documents
filed with the SEC by Seacoast will be available free of charge on
Seacoast's internet website or by contacting Seacoast.
Seacoast, Grand, their respective directors and executive
officers and other members of management and employees may be
considered participants in the solicitation of proxies in
connection with the proposed transaction. Information about the
directors and executive officers of Seacoast is set forth in its
proxy statement for its 2014 annual meeting of shareholders, which
was filed with the SEC on April 8,
2014 and its Current Reports on Form 8-K. Other information
regarding the participants in the proxy solicitations and a
description of their direct and indirect interests, by security
holdings or otherwise, will be contained in the proxy
statement/prospectus and other relevant materials to be filed with
the SEC when they become available.
Cautionary Notice Regarding Forward-Looking
Statements
This press release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934, and is intended to be protected by the safe
harbor provided by the same. These statements are subject to
numerous risks and uncertainties. These risks and uncertainties
include, but are not limited to, the following: failure to obtain
the approval of shareholders of Grand in connection with the
merger; the timing to consummate the proposed merger; the risk that
a condition to closing of the proposed merger may not be satisfied;
the risk that a regulatory approval that may be required for the
proposed merger is not obtained or is obtained subject to
conditions that are not anticipated; the parties' ability to
achieve the synergies and value creation contemplated by the
proposed merger; the parties' ability to promptly and effectively
integrate the businesses of Seacoast and Grand; the diversion of
management time on issues related to the merger; the failure to
consummate or delay in consummating the merger for other reasons;
changes in laws or regulations; and changes in general economic
conditions. For additional information concerning factors that
could cause actual conditions, events or results to materially
differ from those described in the forward-looking statements,
please refer to the factors set forth under the headings "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" in Seacoast's most recent Form
10-K report and to Seacoast's most recent Form 8-K reports, which
are available online at www.sec.gov. No
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of
them do so, what impact they will have on the results of operations
or financial condition of Seacoast or Grand.
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SOURCE Seacoast Banking Corporation of Florida