Seacoast Banking Corp. of Florida plans to acquire the $288 million-asset Century National Bank of Orlando for $46.2 million.
Processing Content
The deal, announced late Tuesday, would give the $1.7 billion-asset Seacoast three branches and $264 million of deposits in the Orlando market. Seacoast, which is based in Stuart, currently has 27 branches on Florida's central east coast.
Dennis S. Hudson, Seacoast's chief executive officer, said it decided to expand into Orlando because the market offers great opportunities for loan and deposit growth.
This is the first deal Seacoast has made since 1997 when it acquired the $131 million-asset Port St. Lucie National Bank Holding Corp.
