Press Release June 14, 2018

Seacoast to Acquire First Green Bancorp

Alston & Bird client Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has signed a definitive agreement to acquire First Green Bancorp, Inc., the holding company for First Green Bank.

The proposed purchase will expand Seacoast's presence in the Orlando metro area – Florida’s third-largest and fastest-growing market – and bolster its franchise in Fort Lauderdale.

In addition to giving Seacoast seven new branches in Orlando, Daytona, and Fort Lauderdale, the deal will increase the bank’s Orlando deposits by approximately $629 million, to about $1.4 billion, or almost 3 percent of the market.

Overall, Seacoast has about $4.7 billion in deposits and $5.9 billion in assets.

This is Seacoast’s eighth acquisition advised on by Alston & Bird since 2015. Most recently, the firm represented the bank in its 2017 acquisitions of Palm Beach Community Bank for $71.2 million and Tampa-based NorthStar Banking Corp., the holding company for NorthStar Bank, for $32.1 million.

Advising Seacoast is an Alston & Bird team led by partner Randy Moore, associate John Gerl, and senior attorney Sarah McElroy (Corporate & Business Transactions); partner Mike Stevens, (Employee Benefits & Executive Compensation); partner Scott Harty (Federal & International Tax); and partner Cliff Stanford (Bank Regulatory).

Media Contact
Alex Wolfe
Communications Director

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