The acquisitive Seacoast Banking Corp. of Florida said Monday it would acquire two more banks in the Sunshine State: Sabal Palm Bancorp in Sarasota and Business Bank of Florida in Melbourne.
Stuart-based Seacoast, which has closed 10 bank deals over the past decade, said it would pay approximately $ 53.9 million for Sabal Palm and about $ 28.4 million for Business Bank of Florida.
Both are all-stock deals expected to close in the first quarter of 2022.
The acquisitions, announced jointly, would together give the $ 9.3 billion-asset Seacoast another $ 600 million of assets. The proposed transactions would deepen Seacoast’s presence in Brevard County and provide it entry into the Sarasota market, the bank said in a release after markets closed Monday.
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Sabal Palm Bank operates three branches in Sarasota. It has deposits of approximately $ 377 million and loans of $ 272 million. Florida Business Bank operates one branch in Melbourne and has $ 166 million of deposits and $ 136 million of loans.
“Sabal Palm Bank and Florida Business Bank are two highly successful, local community banking franchises… We see a great opportunity to complement their strengths with Seacoast’s innovation and breadth of offerings to grow our presence and expand our position in two very attractive Florida markets,” Charles Shaffer, Seacoast’s president and CEO, said in the release.
Seacoast said it expects the transactions to be 4% accretive to earnings per share in 2023, the first full year of combined operations. The bank estimated it would earn back tangible book value dilution within 15 months of closing.
The latest deal would continue Seacoast’s buying spree in southern Florida.
Earlier this month, Seacoast closed its $ 102 million acquisition of Legacy Bank of Florida in Boca Raton. It also bought Grand Bankshares in 2015, Palm Beach Community Bank in 2017, First Green Bancorp in 2018, and First Bank of the Palm Beaches in 2020.