Seacoast Banking Corp. of Florida in Stuart has agreed to buy Palm Beach Community Bank in Florida.
The $4.8 billion-asset Seacoast said in a press release Thursday that it will pay $71.2 million in cash and stock for the $200 million-asset Palm Beach Community. The deal is expected to close in the third quarter.
Palm Beach Community has four branches, $281 million in deposits and $290 million in loans.
"This is a compelling acquisition that expands our footprint in Palm Beach County, part of Florida's largest MSA," Dennis Hudson III, Seacoast’s chairman and CEO, said in the release. "The acquisition … increases our market share and gives current and prospective Palm Beach customers immediate access to our products and services.”
Seacoast said it expects the acquisition to be accretive to 2017 earnings per share, excluding merger-related expenses. It should take about two years to earn back the deal’s dilution to tangible book value.
FIG Partners and Alston & Bird advised Seacoast. Sandler O'Neill and Holland & Knight advised Palm Beach Community.