Federal Deposit Insurance Corp. records indicate that Seacoast Banking Corporation (Seacoast) currently serves Florida residents at 48 Seacoast National Bank locations. Seacoast recently announced that it is increasing that number through a merger with three Grand Bank & Trust of Florida branches currently owned by Grand Bankshares, Inc. (Grand). Current Grand customers will ultimately have access to all of the services offered by Seacoast.
When Seacoast takes control of the branches, its assets will increase by approximately $207.8 million. The bank will also receive net loans and leases valued at nearly $123.3 million, deposits of approximately $184.6 million and repossessed properties of around $8.2 million. Seacoast is expected to purchase Grand's three branches with a combination of cash and stock. The estimated value of the transaction is $16.2 million, which represents around 77 percent of the last reported value of Grand's Tier 1 capital.