Alston & Bird client Seacoast Banking Corporation of Florida, the holding company for Seacoast National Bank, has announced a definitive agreement to acquire Legacy Bank of Florida in a transaction valued at approximately $110 million.
Headquartered in Stuart, FL, Seacoast is one of the state’s largest community banks, with more than 50 branches and approximately $8 billion in assets and $7 billion in deposits.
When completed, the acquisition will expand Seacoast’s presence in Broward and Palm Beach counties, Florida’s largest metropolitan statistical area. It will add five full-service branches and increase the bank’s deposits by more than 40 percent, to approximately $1.4 billion.
Seacoast first entered Broward and Palm Beach counties in 2003 and then expanded by acquiring Grand Bankshares in 2015, Palm Beach Community Bank in 2017, and First Bank of the Palm Beaches in 2020, with Alston & Bird advising on all three transactions.
The Legacy Bank acquisition is anticipated to close in the third quarter of 2021, 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 (Federal & International Tax); partner Mike Stevens (Employee Benefits & Executive Compensation); and partner Chris Marquardt (Labor & Employment).