Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has agreed to purchase Floridian Financial Group, the parent of Floridian Bank, in a deal worth about $76.5m.
Based in Lake Mary, Florida, Floridian operates with 10 branches in Orlando, as well as Daytona Beach.
The bank manages about $426m in assets, $361m in deposits, and $289m in gross loans that will be added to Seacoast’s portfolio post deal completion.
Following completion of the transaction, Floridian Bank will be merged with and into Seacoast Bank.
As per the agreed terms of the deal, Floridian shareholders will have the right to receive either a combination of $4.29 in cash and 0.5291 shares of Seacoast common stock, or $12.25 in cash, or 0.8140 shares of Seacoast common stock.
The transaction has already secured the nod from the boards of directors of both the companies.
Subject to approval by Floridian’s shareholders, regulatory approvals and other customary closing conditions, the deal is scheduled to close in the first quarter of 2016.