Seacoast Banking Corporation of Florida Suspends Dividends

STUART, Fla., May 19, 2009 /PRNewswire-FirstCall via COMTEX/ -- SBCF | Quote | Chart | News | PowerRating -- Seacoast Banking Corporation of Florida (Nasdaq: SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, announced today that the Company's board of directors has determined to suspend regular quarterly cash dividends on its outstanding common stock and preferred stock as a result of recently adopted Federal Reserve policies related to dividend and other payments in light of stressed market conditions. The Company's board of directors took this action in consultation with the Federal Reserve as required by recent policy guidance.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )

The Company's board of directors also intends to defer distributions on its $53.6 million of outstanding trust preferred securities.

Seacoast is "well capitalized" for regulatory purposes with a Tier 1 leverage capital ratio of 9.13%, a Tier 1 risk-based capital ratio of 12.72% and a total risk-based capital ratio of 14.01% at March 31, 2009. It has sufficient capital and liquidity to pay scheduled dividends and distributions on its preferred stock, common stock and trust preferred securities. The Company believes the action taken today will provide further support for its strong capital position.

Seacoast, with approximately $2.3 billion in assets, is one of the largest independent commercial banking organizations in Florida. Seacoast has 41 offices in South and Central Florida and is headquartered on Florida's Treasure Coast, which is one of the wealthiest areas in the nation.

Cautionary Notice Regarding Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in our markets, and improvements to reported earnings that may be realized from cost controls and for integration of banks that we have acquired, as well as statements with respect to Seacoast's objectives, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.

Forward-looking statements include statements with respect to our beliefs, plans, objectives, goals, expectations, anticipations, estimates and intentions, and involve known and unknown risks, uncertainties and other factors, which may be beyond our control, and which may cause the actual results, performance or achievements of Seacoast to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. You should not expect us to update any forward-looking statements.

You can identify these forward-looking statements through our use of words such as "may," "will," "anticipate," "assume," "should," "support", "indicate," "would," "believe," "contemplate," "expect," "estimate," "continue," "further", "point to," "project," "could," "intend" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the effects of future economic and market conditions, including seasonality; governmental monetary and fiscal policies, as well as legislative and regulatory changes, including policies related to payments of dividends and distributions on capital securities; the risks of satisfying all closing conditions to the sale of any securities; the risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest sensitive assets and liabilities; interest rate risks, sensitivities and the shape of the yield curve; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions operating in our market areas and elsewhere, including institutions operating regionally, nationally and internationally, together with such competitors offering banking products and services by mail, telephone, computer and the Internet; and the failure of assumptions underlying the establishment of reserves for possible loan losses. The risks of mergers and acquisitions, include, without limitation: unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the merger being lower than expected; the risk of deposit and customer attrition; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruption, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets.

All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in our annual report on Form 10-K for the year ended December 31, 2008 under "Special Cautionary Notice Regarding Forward-Looking Statements" and "Risk Factors", and otherwise in our SEC reports and filings. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at http://www.sec.gov.

SOURCE Seacoast Banking Corporation of Florida

http://www.seacoastbanking.net

More News:   Market Updates | Stock Alerts | All Trading News | Stock Index