Seacoast Banking Corp. of Florida (SBCF) in Stuart has agreed to buy The Bankshares in Winter Park, Fla.
The $2.3 billion-asset Seacoast will pay $76 million in stock for the $674 million-asset parent of BankFirst. The transaction is expected to close in the fourth quarter.
BankFirst also has $506 million in deposits, $372 million in loans and 12 branches in central Florida.
Seacoast said it expects the acquisition to be significantly accretive to 2015 operating earnings per share with all of its expected cost savings phased in. Estimated tangible book value per common share dilution of roughly 4.9% is expected to be earned back within three years.
"The combined market leadership teams will significantly expand our reach in our important Central Florida and Central East Coast growth markets; and will bring even greater focus on business banking in our existing markets, Dennis Hudson, Seacoast's chairman and chief executive, said in a press release.
CapGen Financial Group, which is the biggest shareholder in both companies, and Castle Creek Capital, a large investor in the seller, have agreed to vote for the merger.
Guggenheim Securities and Alston & Bird advised Seacoast. Hovde Group and Smith Mackinnon advised Bankshares.