STUART, Fla., Feb. 15, 2017 /PRNewswire/ -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF), the parent company of Seacoast National Bank (the "Company" or "Seacoast"), today announced the pricing of the previously announced underwritten public offering of 7,750,000 shares of its common stock, consisting of 2,350,000 shares to be sold by the Company and 5,400,000 shares to be sold by one of its stockholders, CapGen Capital Group III LP ("CapGen"), at a price to the public of $22.25 per share. The Company and CapGen have also granted the underwriters a 30-day option to purchase up to an additional 352,500 shares from the Company and up to an additional 810,000 shares from CapGen at the public offering price, less the underwriting discount.
The Company will receive gross proceeds from the public offering of approximately $52.3 million. The net proceeds to the Company, after deducting the underwriting discount, but before expenses, are expected to be approximately $49.4 million. The Company intends to use the net proceeds from the offering, including any net proceeds from the underwriters' exercise of its option to purchase additional shares, for general corporate purposes, including potential future acquisitions and to support organic growth. The Company will not receive any proceeds from the sale of the shares by CapGen.
Guggenheim Securities, LLC and Sandler O'Neill & Partners, L.P. are serving as joint book-runners for the offering. Raymond James & Associates, Inc. will serve as lead manager.
The Company expects to close the transaction and deliver the shares, subject to the satisfaction of customary closing conditions, on or about February 21, 2017.
Additional Information Regarding the Offering
The common stock is being offered and sold pursuant to two effective shelf registration statements on Form S-3 (File Nos. 333-194712 and 333-206588) filed by the Company with the Securities and Exchange Commission ("SEC") and only by means of a prospectus supplement and accompanying prospectus relating to the applicable registration statement. A preliminary prospectus supplement and a free writing prospectus have been filed with the SEC to which this communication relates. Prospective investors should read the preliminary prospectus supplement, the free writing prospectus and the accompanying prospectuses and other documents the Company has filed with the SEC for more complete information about the Company and the offering. These documents are available at no charge by visiting the SEC's website at http://www.sec.gov. Alternatively, copies of the preliminary prospectus supplement, the accompanying prospectuses, the free writing prospectus and, when available, the final prospectus supplement related to the offering may be obtained by contacting: Guggenheim Securities, LLC at Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, NY 10017, by email at GSEquityProspectusDelivery@guggenheimpartners.com, or by phone at 212-518-9658, or Sandler O'Neill & Partners, L.P., 1251 Avenue of the Americas, 6th Floor, New York, New York 10020, Attn: Syndicate Operations, or by phone at 1-866-805-4128.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any offer or sale of any securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.
About Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $4.7 billion in assets and $3.5 billion in deposits as of December 31, 2016. The Company provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through advanced banking solutions, 47 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast Bank, and five commercial banking centers. Offices stretch from Ft. Lauderdale, Boca Raton and West Palm Beach north through the Daytona Beach area, into Orlando and Central Florida, and west to Okeechobee and surrounding counties.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and such statements are intended to be covered by the safe harbor provided by the same. Words such as "expects," "will," "intends," "anticipates," "plans," "believes," "seeks," "estimates" and variations of such words and similar expressions are intended to identify such forward-looking statements. Such statements, including but not limited to those regarding whether the offering will close and the use of the net proceeds therefrom, are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from Seacoast's present expectations. These risks and uncertainties include, but are not limited to, market conditions affecting the offering and a deterioration in national or local economic conditions. Undue reliance should not be placed on such forward-looking statements, as such statements speak only as of the date on which they are made. Seacoast undertakes no obligation to update such statements to reflect facts, circumstances, assumptions or events that occur after the date the forward-looking statements are made, unless otherwise required by law. Additional information regarding the Company and its business, including additional factors that could cause actual results to differ materially from Seacoast's present expectations, is contained in Seacoast's Annual Report on Form 10-K for the year ended December 31, 2015 under "Forward-Looking Information" and Item 1A. "Risk Factors," and in the Company's other filings with the SEC.
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SOURCE Seacoast Banking Corporation of Florida