Seacoast to Buy BMO Harris Operations in Central Florida

Seacoast Banking Corp. of Florida in Stuart has agreed to buy the Orlando, Fla., banking operations of BMO Harris Bank.

The $3.2 billion-asset Seacoast said in a press release Thursday that the deal includes 14 branches, $70 million in loans and $355 million in deposits. Nearly 60% of the deposits are checking accounts. Seacoast said it would pay a premium equal to 3% of total deposits. The deal is expected to close in the first half of next year.

"The economy in the greater Orlando area continues to show healthy growth and is one of the leading markets in” Florida, Dennis Hudson, Seacoast's chairman and chief executive, said in the release. “Year-over-year employment gains outpace the national average, while the local economy continues to diversify, with significant growth coming in the high tech, health care and life science fields.”

Seacoast said the purchase should be more than 6% accretive to its 2016 earnings per share.

Seacoast, which first entered Orlando in 2005, expanded its operations in the area by acquiring BankFirst last year. Seacoast also agreed in March to buy Grand Bankshares in West Palm Beach, Fla.

FBR Capital Markets and Alston & Bird advised Seacoast. Sandler O'Neill and Godfrey & Kahn advised BMO Harris.