Seacoast Banking Corp. of Florida in Stuart has agreed to buy Legacy Bank of Florida in Boca Raton.
The $8.3 billion-asset Seacoast said in a press release Tuesday that it will pay $102.2 million in stock for the $533 million-asset Legacy. The deal, which is expected to close in the third quarter, priced Legacy at 167% of its tangible book value.
Legacy has five branches, $432 million of deposits and $482 million of loans.
Legacy “is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market,” Charles Shaffer, Seacoast’s president and CEO, said in the release.
“We see great opportunity in complementing its strengths with Seacoast’s innovation and breadth of offerings to grow our presence and expand our position in South Florida,” Shaffer added.
The deal is expected to be 2% accretive to Seacoast’s 2021 earnings, excluding merger-related expenses, with minimal tangible book value that the company could earn back in three months.
Seacoast plans to cut about 45% of Legacy annual noninterest expenses.
Dennis Bedley, Legacy’s chairman and CEO, will join Seacoast as its Broward County market president.
Seacoast has completed several acquisitions in Broward and Palm Beach counties, including Grand Bankshares in 2015, Palm Beach Community Bank in 2017, First Green Bancorp in 2018, and First Bank of the Palm Beaches last year.
Piper Sandler and Alston & Bird advised Seacoast. Hovde Group and Fenimore, Kay, Harrison & Ford advised Legacy.
