STUART – Following its third consecutive quarter of record profits, Seacoast Bank announced late Tuesday an agreement to acquire First Bank of the Palm Beaches.
Organized in 2006, West Palm Beach-based First Bank has deposits of approximately $172 million and loans of $150 million. The acquisition will increase Seacoast’s deposits in Palm Beach County by 25% to approximately $821 million.
Seacoast plans to grow its presence in Palm Beach County by adding First Bank’s two branches to the six it currently operates in the market. Seacoast entered Palm Beach County by opening a Jupiter branch in 2003, then acquired Grand Bank & Trust in 2015 and Palm Beach Community Bank in 2017.
More: Seacoast Bank to acquire Orlando-based First Green Bank
The acquisition of First Bank of the Palm Beaches, Seacoast’s ninth purchase of another Florida bank since 2014, adds two branches — in downtown West Palm Beach and Wellington — to the six existing Seacoast branches in Palm Beach County.
Seacoast is one of the largest Florida-based community banks, with approximately $6.9 billion in assets and $5.7 billion in deposits as of Sept. 30.
With 48 traditional branches, Seacoast’s footprint stretches from Fort Lauderdale through the Daytona Beach area, into Orlando and Central Florida and the adjacent Tampa market, and west to Okeechobee and surrounding counties.
In a conference call Wednesday with investors, Seacoast Chairman and CEO Dennis Hudson III said Palm Beach County’s combination of a high growth rate and the highest median household income in Florida makes it “arguably the best market in the state.”
Seacoast Executive Vice President Charles Shaffer, the bank’s chief operating officer and chief financial officer, said the First Bank acquisition is “something we can get done quickly and easily.”
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When the First Bank acquisition is completed, expected in the first quarter of 2020, Seacoast will increase its deposit market share in Palm Beach County to 1.53% and jump from 16th to 14th, according to the latest FDIC annual report with data as of June 30.
Stuart-based Seacoast, now one of two banks headquartered on the Treasure Coast, is dominant in Martin County, with a 26.37% share of deposits, up from 25.28% a year earlier.
Seacoast ranks fourth in deposit market share in St. Lucie County with 11.6%, and sixth in Indian River County with 6.59%.
For the third quarter of this year, Seacoast posted net income to $25.6 million, a record for a third quarter and a 57% increase over the third quarter of 2018. Second-quarter net earnings were $23.2 million, also a second-quarter record and a 37% increase over the same quarter a year earlier.
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November 21, 2019 at 04:13AM
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Stuart-based Seacoast Bank will acquire First Bank of the Palm Beaches - TCPalm
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