Seacoast To Acquire Professional Holding For $488.6 Mln

(RTTNews) - Seacoast Banking Corporation of Florida (SBCF), the holding company for Seacoast National Bank Monday announced a definitive agreement to acquire Professional Holding Corp. (PFHD), the parent company of Professional Bank for approximately $488.6 million based on Seacoast's closing price of $36.75 per share, as of August 5.

The closing of the transaction is expected in the first quarter of 2023.

As per the agreement, Professional shareholders will receive 0.8909 shares of Seacoast for each share of Professional common stock. The exchange ratio for the transaction is fixed and the transaction value will fluctuate.

Seacoast expects the transaction to be 11.8 percent accretive to earnings per share in 2023, and 15.4 percent in 2024.

Charles Shaffer, Seacoast's Chairman, and CEO said the acquisition of Professional Bank will accelerate its growth strategy. The deal is projected to expand Seacoast's footprint in the dynamic tri-county South Florida market.

Following the acquisition, Abel Iglesias, President, and CEO of Professional Holding Corp. will join Seacoast, serving as Miami-Dade Regional President.