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The shares were sold pursuant to the full exercise of an over-allotment option granted to the underwriters of the company's recent underwritten offering of 29.3 million shares of its common stock.
Sandler O'Neill & Partners acted as the lead book-running manager for the underwritten offering, and Fox-Pitt Kelton Cochran Caronia Waller acted as the co-manager.
The company will receive gross proceeds of approximately $9.8 million from the sale of the 4.37 million shares. The company expects to use the net proceeds of the offering for general corporate purposes and to add capital to Seacoast National Bank.
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