STUART, Fla., June 6, 2016 /PRNewswire/ -- Seacoast
Banking Corporation of Florida
("Seacoast") (NASDAQ: SBCF), the holding company for Seacoast
National Bank ("Seacoast Bank"), announced today that it has
completed the acquisition of the Orlando banking operations of BMO Harris Bank,
N.A. ("BMO"), including BMO's 14 Orlando branches. The
acquisition includes all of BMO's retail branches and the
associated consumer and small business deposit accounts as well as
BMO's business banking deposit and loan accounts in the Orlando
MSA, and adds approximately $314
million in deposits and approximately $64 million in loans.
"We are delighted to welcome BMO's more than 8,000 households to
Seacoast Bank," said Dennis S.
Hudson, Chairman and CEO of Seacoast. "Seacoast opened
its first branches in the Orlando MSA in 2005. We continued our
expansion in 2014 through the acquisition of Winter Park-based BankFirst and the
acquisition of Lake Mary-based
Floridian Financial Group, Inc. earlier this year. The
acquisition of BMO's offices solidifies our position in the
attractive Orlando market, making
Seacoast Bank a top-10 Orlando
bank and the largest Florida-based
bank in that market."
About Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida is one of the largest community banks
headquartered in Florida with
approximately $4.0 billion in assets
and $3.2 billion in deposits as of
March 31, 2016. The Company provides
integrated financial services including commercial and retail
banking, wealth management, and mortgage services to customers
through advanced banking solutions, 53 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 Daytona Beach
area, into Orlando and
Central Florida, and west to
Okeechobee and surrounding
counties. More information about the Company is available
at SeacoastBanking.com.
Safe Harbor Statement
Certain statements of other than historical fact that are
contained in this document and in other written materials, press
releases and oral statements issued by or on behalf of Seacoast may
be considered to be "forward-looking statements" within the meaning
of and subject to the protections of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are
not guarantees of future performance, nor should they be relied
upon as representing management's views as of any subsequent date.
These statements may include words such as "expect," "estimate,"
"project," "anticipate," "appear," "believe," "could," "should,"
"may," "likely," "intend," "probability," "risk," "target,"
"objective," "plans," "potential," and similar expressions.
Forward-looking statements are statements with respect to
Seacoast's beliefs, plans, expectations, objectives, goals,
anticipations, assumptions, estimates, intentions and future
performance and are subject to significant known and unknown risks
and uncertainties, which could cause Seacoast's actual results to
differ materially from the results discussed in the forward-looking
statements. For example, statements about the impact of the
acquisition, including future financial and operating results,
Seacoast's plans, objectives, expectations and intentions and other
statements are not historical facts. Among the key factors that
could cause actual results to differ materially from those
indicated by such forward-looking statements are the following: (i)
the risk that the acquired branches will not be integrated
successfully; (ii) the risk that the cost savings and any other
synergies from the transaction may not be fully realized or may
take longer to realize than expected; (iii) disruption from the
transaction making it more difficult to maintain relationships with
customers, employees or vendors; and (iv) the diversion of
management time on acquisition-related issues.
Additional information concerning Seacoast and its business,
including additional factors that could materially affect its
financial results, is included in Seacoast's Annual Report on Form
10-K for the year ended December 31,
2015 under "Business" and Item 1A. "Risk Factors," and in
Seacoast's other filings with the Securities and Exchange
Commission. Except as required by law, Seacoast disclaims any
obligation to update any factors or to announce publicly the result
of revisions to any of the forward-looking statements included
herein to reflect future events or developments.
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SOURCE Seacoast Banking Corporation of Florida