Seacoast in Florida to Raise $75M for Tarp Exit

Seacoast Banking Corp. of Florida (SBCF) in Stuart has begun a public offering to fund its exit from the Troubled Asset Relief Program.

The $2.1 billion-asset company said Tuesday that it plans to sell up to $75 million of common stock. Seacoast said it plans to retire its $50 million in Tarp and use the remaining proceeds to fund growth or for general corporate purposes. Hovde Group is the placement agent for the public offering.

Seacoast issued its Tarp shares in December 2008, and the Treasury Department auctioned them last year. The company said in its latest annual report that it had already retired its Tarp warrant.

The Office of the Comptroller of the Currency freed Seacoast from a regulatory order in September. The company also announced changes in its payment structure for directors last month.