Seacoast Banking Corporation of Florida Completes Sale Under U.S. Treasury Capital Purchase Program
Seacoast Banking Corporation of Florida logo. (PRNewsFoto/Seacoast Banking Corporation of Florida)
STUART, FL UNITED STATES
STUART, Fla., Dec. 30 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose principal
subsidiary is Seacoast National Bank, announced that it completed the sale of
$50 million of Series A Preferred Stock and warrants to purchase 1,179,245
shares of Company common stock pursuant to the U.S. Department of Treasury's
Capital Purchase Program (CPP). The increase in capital will further
strengthen Seacoast's existing well capitalized status. Funds from the
investment will be treated as Tier 1 capital, increasing Seacoast's total risk
based capital ratio to approximately 14.6 percent and its Tier 1 leverage
ratio to approximately 10.3 percent based on the Company's most recent quarter
end data.
"This program is an important step to restoring the flow of funds to
consumers and businesses in our markets," said Dennis S. Hudson, III,
Seacoast's Chairman and Chief Executive Officer. "This additional capital
will allow us to continue our lending to small and medium sized businesses and
consumers, which will assist our local market business owners and consumers as
our economy recovers."
Complete details for the capital purchase are included in the Company's
Current Report on Form 8-K filed on December 23, 2008 with the Securities and
Exchange Commission and available at www.sec.gov.
