Dec 2 - The board of directors of Seacoast Banking Corporation of Florida (Nasdaq: SBCF), the holding company for Seacoast National Bank, has approved a 1-for-5 reverse split of its common stock. Shareholders of Seacoast previously authorized the board of directors to approve a reverse stock split at the annual meeting in May 2013. Seacoast's common stock will begin trading on a split-adjusted basis on Dec. 13, 2013, the day the reverse stock split becomes effective. The effective time for the stock split is 12:01 a.m. Eastern Standard Time on Dec. 13, 2013.
"We believe a higher stock price following the effective date of the reverse split will broaden the range of investors in our stock, increase the visibility of our earnings trends and lower investor trading costs," said Dennis S. Hudson III, chairman and CEO of Seacoast.
When the reverse stock split becomes effective, each five shares of Seacoast's common stock will automatically be converted into one share of Seacoast's common stock. Seacoast will not issue fractional shares as a result of the reverse stock split. Any fractional post-split shares as a result of the reverse stock split will be rounded up to the nearest whole post-split share.
The reverse stock split will have no impact on shareholders' proportionate equity interests or voting rights, subject to the treatment of fractional shares, and will reduce the number of outstanding shares of common stock of Seacoast from approximately 130 million shares to approximately 26 million shares.
For more information regarding the reverse stock split, see "Answers to Frequently Asked Questions on the Reverse Stock Split" on the company's website at www.seacoastbanking.net.
About Seacoast Banking Corporation of Florida
Seacoast Banking Corporation of Florida is one of the largest community banks headquartered in Florida with approximately $2.1 billion in assets and $1.7 billion in deposits, as of Sept. 30, 2013. Seacoast provides integrated financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally branded wholly owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank. Offices stretch from Broward County north through the Treasure Coast and into Orlando, and west to Okeechobee and surrounding counties. More information about Seacoast is available at www.seacoastbanking.net.