Alston & Bird client Seacoast Banking Corporation of Florida, holding company for Seacoast National Bank, has announced a definitive agreement to acquire First Bank of the Palm Beaches.
Headquartered in Stuart, FL, Seacoast is one of the largest community banks in the state, with 48 branches and approximately $6.9 billion in assets and $5.7 billion in deposits.
When completed, the acquisition will expand Seacoast’s presence in Florida’s Palm Beach County, which has the highest median household income and is one of the fastest-growing economies in the state. It will add two full-service branches to the six offices Seacoast currently has in the county and increase the bank’s deposits by 25 percent, to approximately $821 million.
Seacoast first entered the county in 2003 and then expanded by acquiring Grand Bankshares in 2015 and Palm Beach Community Bank in 2017, with Alston & Bird advising on both transactions.
The First Bank acquisition is anticipated to close in the first quarter of 2020, pending the receipt of regulatory approval and the satisfaction of other customary closing conditions.
Advising Seacoast on the deal is an Alston & Bird team led by partner Randy Moore, associates James Alexander and John Gerl, and senior attorney Sarah McElroy (Financial Services & Products); partner Brian Harvel and associate Mike Senger (Federal & International Tax); and partners Mike Stevens and John Shannon and associate Earl Porter (Employee Benefits & Executive Compensation).