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Seacoast Banking Corp. of Florida is preparing to raise capital through a common stock offering, with one goal being to resume paying dividends on its government infusion.
June 24
On the heels of reporting a $63.9 million second-quarter loss, Seacoast Banking Corp. in Florida has initiated a public offering.
The $2.1 billion-asset Stuart company plans to sell 34.5 million shares of common stock and, if demand is strong enough, an additional 5.2 million shares.
Seacoast said in a press release late Thursday that it would use the proceeds for general purposes and to add capital to its Seacoast National Bank.
The company had said in June that raising capital would help it resume paying dividends on the $50 million of preferred shares it issued to the Treasury Department under the Troubled Asset Relief Program.
Also, in a Securities and Exchange Commission filing Tuesday, Seacoast said that it had decided to revise its second-quarter results and write off $49.8 million of goodwill.
The change resulted in a 350% increase in the second-quarter loss; in late June it had reported the loss as $14.1 million. The company's nonperforming assets rose 86% from a year earlier, to $150 million, or 6.86% of total assets.
