Seacoast Banking Corp. of Florida in Stuart has agreed to buy Floridian Financial Group in Lake Mary.
The $3.2 billion-asset Seacoast said in a press release Tuesday that it will pay about $77 million, or $12.25 a share, in cash and stock for the $426 million-asset Floridian. The deal, which represents a 140% premium to Floridian's tangible book value, is expected to close in the first quarter.
Seacoast said the acquisition should be accretive to next year's earnings by 2 cents; the accretion should increase to at least 7 cents a share in subsequent years. The company said it should take about four years to earn back any dilution to its own tangible book value.
Floridian is Seacoast's third acquisition around Orlando. The company, which bought BankFirst last year, is in the process of buying 14 area branches from Bank of Montreal's BMO Harris. Floridian would add 10 branches, $361 million in deposits and $289 million in loans.
"This transaction is consistent with our strategy of combining organic growth with accretive acquisitions," Dennis Hudson, Seacoast's chairman and chief executive, said in the release. "Seacoast is expanding [its] franchise and building on … previous momentum in Orlando and Florida overall. Greater Orlando's vibrant economy continues to diversify, with strong gains in employment due to significant growth from companies in the high tech, healthcare and life science fields."
Seacoast was advised by FBR Capital Markets and Cadwalader, Wickersham & Taft. Floridian was by Sandler O'Neill and Gunster, Yoakley & Stewart.