West Palm Beach, Fla. (Nov. 3, 2017) – Holland & Knight represented Palm Beach Community Bank (PBCB) in its acquisition by Seacoast Banking Corporation of Florida (Seacoast), pursuant to the merger of PBCB with and into Seacoast National Bank, a wholly owned subsidiary of Seacoast. The transaction closed on Nov. 3.
Under the terms of the definitive agreement, each share of PBCB common stock was converted into the right to receive (i) 0.9240 of a share of Seacoast common stock and (ii) $6.26 in cash, or a total value of $28.57 per share of PBCB common stock. The resulting aggregate merger consideration paid by Seacoast was approximately $71.6 million.
PBCB had approximately $320 million in assets, $265 million in deposits and $270 million in loans. PBCB operates four branches in Palm Beach County, Florida, enhancing Seacoast's South Florida presence.
Holland & Knight Partner Bradley Houser and Associate Gabriela Botifoll served as legal counsel to PBCB. Partner Bill Sherman and Associate Kevin Hall advised with respect to tax matters.
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