STUART, Fla., April 3 /PRNewswire-FirstCall/ -- Seacoast Banking
Corporation of Florida (Nasdaq: SBCF), a bank holding company whose principal
subsidiaries are First National Bank and Trust Company of the Treasure Coast
("First National") and Century National Bank ("Century"), announced that it
has completed the merger of Big Lake Financial Corporation with Seacoast. Big
Lake National Bank ("Big Lake"), the banking subsidiary of Big Lake Financial
Corporation, is now a wholly owned subsidiary of Seacoast Banking Corporation
of Florida ("Seacoast"). Big Lake adds approximately $324 million in assets,
$206 million in loans and $298 million in deposits, as well as eight locations
in six Central Florida counties where it is the region's largest community
bank. As a result of the merger, Seacoast will have approximately
$2.5 billion in assets, $1.5 billion in loans and $2.1 billion in deposits.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050916/SEACOASTLOGO )
Big Lake has offices in Okeechobee, Arcadia, Clewiston, LaBelle, Lake
Placid, Moore Haven, and Wauchula, Florida. Big Lake's St. Lucie West office
in Port St. Lucie, Florida, will be consolidated into First National's St.
Lucie West office later this year. These offices are located in close
proximity to each other.
Big Lake has for many years successfully executed a relationship based
business strategy resulting in low cost funding with a deposit mix of over 30%
in non-interest bearing deposits. Combining with Seacoast will provide
greater resources to develop existing and new relationships in the Central
Florida market.
Two members of Big Lake's board, Edwin E. Walpole, III, CEO and owner of
Walpole, Inc., a nationwide trucking concern, and H. Gilbert Culbreth, Jr.,
CEO and owner of Gilbert Chevrolet Co. and Gil Culbreth Realtors, have joined
the board of First National. Big Lake's existing management team will
continue to be led by Joe G. Mullins, who has served for more than 16 years as
President of Big Lake.
Mr. Mullins stated: "We are delighted to have joined Seacoast, which has
a capital base and a critical mass that will allow us to build upon our
success in the Central Florida area. Our management team, which is continuing
with Seacoast, shares Seacoast's banking philosophy, and looks forward to
developing and maintaining deep customer relationships with the same great
personal service and an even greater array of products."
Dennis S. Hudson, III, Chairman and Chief Executive Officer of Seacoast,
said, "Over the past few years, we have expanded south into the Palm Beach
market, north into the Brevard County/Melbourne area, and more recently with
the acquisition of Century, into the Orlando market. The geographic expansion
into the areas served by Big Lake is a natural extension of our existing
operations."
Mr. Hudson continued: "Big Lake shares our SuperCommunity Bank philosophy
that brings a sound $2.5 billion institution staffed by highly skilled
professionals, offering what we refer to as the third alternative in banking
-- a unique combination of the sophisticated products and services offered by
large banks, enhanced by the personal relationships and high-quality customer
service of a community bank. It is what we believe people want: local bankers
with decision-making capabilities who are knowledgeable about the markets they
serve and responsive to the requests and needs of the customer."
Seacoast expects that the transaction will be slightly accretive to
earnings per share in 2006, without taking into account revenue or expense
synergies.
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 the benefits of the merger between Seacoast and Big Lake, including
future financial and operating results, cost savings, enhanced revenues, and
accretion to reported earnings that may be realized from the merger, as well
as statements with respect to Seacoast's and Big Lake's plans, 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," "indicate," "would,"
"believe," "contemplate," "expect," "estimate," "continue," "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
conditions; governmental monetary and fiscal policies, as well as legislative
and regulatory changes; 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
and sensitivities; 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 of Seacoast and Big Lake 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 Big Lake's customers by
competitors.
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, 2005 under "Special
Cautionary Notice Regarding Forward-Looking Statements," and otherwise in our
SEC reports and filings. Such reports are available upon request from
Seacoast, 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
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Related links:
http://www.seacoastbanking.net
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CONTACT:
Dennis S. Hudson, III, Chairman and Chief
Executive Officer, +1-772-288-6085, or Douglas Gilbert,
President, +1-772-288-6031, or William R. Hahl, Executive Vice
President and Chief Financial Officer, +1-772-221-2825, all of
Seacoast Banking Corporation of Florida
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