Seacoast Banking raises $66 million through public offering of common stock

Fri. August 21, 2009; Posted: 02:14 PM

Aug 21, 2009 (Datamonitor Financial Deals Tracker via COMTEX) -- SBCF | Quote | Chart | News | PowerRating -- Seacoast Banking Corporation of Florida, a US-based bank holding company, has completed its public offering of 29.3 million shares of common stock at a price $2.25 per share for total gross proceeds of approximately $66 million.

Update on August 14, 2009:

Seacoast Banking has priced its public offering of 29.3 million shares of common stock at a price $2.25 per share.

The underwriters will have a 30-day option to purchase up to an additional 4.375 million shares of common stock from the company. The offering is expected to close on August 19, 2009.

Announcement (August 3, 2009):

Seacoast Banking is planning to issue 34.5 million shares of its common stock through a public offering.

Seacoast Banking intends to grant the underwriters an option to purchase up to an additional 5.17 million shares to cover over-allotments.

Sandler O'Neill & Partners, L.P. is acting as book-running manager and Fox-Pitt Kelton Cochran Caronia Waller (USA) LLC as co-manager for the offering.

Deal Value (US$ Million) 66
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-08-19

Deal Participants

Target (Company) Seacoast Banking Corporation of Florida

Deal Rationale

The proceeds would be used for general corporate purposes and to add capital to Seacoast National Bank, a subsidiary of Seacoast Banking Corporation.

Offer Price ($ per share) 2.25
No. Shares Issued         29300000

For full details for SBCF click here.

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