Sarasota bank sale, a $54 million deal, closes

SARASOTA — Seacoast Banking Corp. of Florida has completed the purchase of Sarasota-based Sabal Palm Bancorp Inc. — parent company of Sabal Palm Bank — and Melbourne-based Business Bank of Florida — the parent of Florida Business Bank.

The acquisitions, announced in August, were completed Jan. 3 and the three banks have merged, which leaves Stuart-based Seacoast National Bank as the surviving financial institution, according to a press release.  Seacoast did not say what changes customers will see, though an FAQ on the both banks' website says the merger “will greatly benefit our customers and associates.”

Sabal Palm, which has three Sarasota-Bradenton area branches, was sold in a deal valued at $53.9 million, according to a release in August. The sale of Business Bank of Florid was valued at $28.4 million.

Charles Shaffer, Seacoast's president and CEO, says in the January release that the company is “excited to enter the highly attractive and dynamic Sarasota market and to continue to grow our presence in Brevard County.”

“We look forward to introducing (customers) to our broad range of convenient and mobile-accessible products and services as well as Seacoast’s personalized brand of customer service.”

Sabal was founded in Sarasota in 2006. While it survived the 2008 recession, by 2012 it was having some capital issues.

Longtime area banker Neil McCurry, who founded People’s Community Bank in Sarasota in 1999, joined Sabal Palm in late 2012 as CEO. He quickly helped raise $5.6 million to stabilize the bank.

Through Sept. 30, Sabal Palm had deposits of $389 million and loans of about $252 million, according to Seacoast.

McCurry will remain with Seacoast, serving as Sarasota and Manatee County market president.

Under the terms of the Sabal Palm merger agreement, Sabal Palm shareholders received 0.2203 shares of Seacoast common stock for each share of Sabal Palm common stock, according to the release. Based on Seacoast’s closing price of $31.58 as of Aug. 20, the Sabal Palm transaction, including the exchange of Sabal Palm options, is valued at approximately $53.9 million or $6.96 per share, according to the August release.

Under the terms of Business Bank of Florida merger agreement, shareholders received 0.7997 shares of Seacoast common stock for each share of Business Bank common stock. Based on Seacoast’s closing price of $31.58 as of Aug. 20, 2021, the transaction is valued at approximately $28.4 million or $25.25 per share.