Seacoast Banking Corporation of Florida (Seacoast), the holding company for Seacoast National Bank, has agreed to buy the Orlando banking operations of BMO Harris Bank, including 14 BMO branches in the region.
Under the terms of the deal, Seacoast will have to pay a premium equal to 3% of total deposits.
The takeover deal includes all of BMO’s retail branches, associated consumer and small business deposit accounts, along with BMO’s business banking deposit and loan accounts in the Orlando MSA.
The transaction will add about $355m in deposits, and about $70m in loans related to business banking customers to Seacoast’s portfolio.
The deal, which is subject to regulatory approval and other customary conditions, is scheduled to close in the first half of 2016.
Seacoast chairman and CEO Dennis Hudson remarked: "The economy in the greater Orlando area continues to show healthy growth and is one of the leading markets in the state of Florida. Year over year employment gains outpace the national average while the local economy continues to diversify, with significant growth coming in the high tech, healthcare and life science fields. This transaction increases our presence in this attractive market and builds upon the organic growth we are seeing in our current local operations.
"We are delighted to welcome BMO’s nearly 9,000 households and their employees to Seacoast Bank, a third-generation Florida bank that is a vibrant part of the communities we serve."