STUART, Fla. - Seacoast Banking Corporation of Florida, the parent of First National Bank and Trust Company of the Treasure Coast, notched a 16% increase in fourth quarter earnings to $1.6 million.
Earnings for the year declined 13% to $6.1 million.
The $660 million-asset company expects to improve its position through its announced acquisition of American Bank of Martin County. The deal, to be completed in early 1995, will add $63 million to deposits and $45 million to loans. Loans for the year grew by 17%.
Nonperforming assets declined by 67% to $2.4 million by Dec. 31.