Alston & Bird client Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has announced a definitive agreement to acquire Fourth Street Banking Co., the holding company for Freedom Bank of St. Petersburg, in a transaction valued at more than $60 million.
Headquartered in Stuart, FL, Seacoast is one of the largest community banks in the state, with 48 branches and approximately $7.1 billion in assets and $5.6 billion in deposits.
When completed, the acquisition will expand Seacoast’s presence in the Tampa–St. Petersburg area by adding two full-service branches to the four offices Seacoast currently operates in the market while increasing the bank’s deposits by almost 90 percent, to approximately $679 million.
The transaction will be the bank’s third in the past three years in the Tampa–St. Petersburg area, Florida’s second-largest market and one of the state’s fastest-growing regions. Seacoast entered the area in 2017 with the acquisitions of GulfShore Bank and NorthStar Bank.
The Fourth Street Banking acquisition is anticipated to close in the second 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 partners Randy Moore and Cliff Stanford, senior associate John Gerl, associate James Alexander, and senior attorney Sarah McElroy (Financial Services & Products); partner Brian Harvel and associate Michael Senger (Federal & International Tax); partners Mike Stevens and John Shannon (Employee Benefits & Executive Compensation); and partner Mark Williamson (Wealth Planning).