A second cross-Florida M&A deal for Seacoast
Seacoast Banking Corp. of Florida in Stuart has agreed to buy NorthStar Banking in Tampa.
The $4.8 billion-asset Seacoast said Thursday that it will pay $32.1 million in cash and stock for the parent of the $212 million-asset NorthStar Bank. The deal is expected to close in the fourth quarter.
Seacoast bought another Tampa bank, GulfShore Bancshares, in April. Seacoast said it will have assets of about $554 million around Tampa after it buys NorthStar.
"This in-market transaction expands our footprint in" Florida's second-largest metropolitan statistical area, Dennis Hudson III, Seacoast’s chairman and CEO, said in a news release. "The acquisition … deepens our presence in the strategically important Tampa market and builds on our acquisition of GulfShore.”
Seacoast said it expects the acquisition to be accretive to 2017 earnings per share, excluding one-time transaction costs. It should take less than two years to earn back the deal’s dilution to Seacoast’s tangible book value.
Raymond James and Alston & Bird advised Seacoast. Sandler O'Neill and Bush Ross advised NorthStar.