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TCBusiness.com
Among banks in Florida, CenterState is
16th by total deposits count, and Seacoast
is 20th. Vero Beach-based Marine Bank &
Trust is 114th among the 205 FDIC-listed
institutions in Florida.
Each of the expanding or merging
banks says they will feature improved
digital banking as a result of the increasing
size, which is seen as essential to future
success. Banks have in recent years eased
customers toward online transactions,
and as COVID-19 alters most aspects of
Treasure Coast lives, in-person consumer
transactions by early spring were largely
by appointment only.
COMING OFF RECORD
Seacoast came off a record 2019 in
which it recorded $98.7 million in net
profit, up 47 percent from 2018. By the
end of the year, Seacoast had $7.11 billion
in assets and $5.58 billion in deposits.
On March 13, Seacoast announced the
completion of its acquisition of First Bank
of the Palm Beaches, which at end-2019
had deposits of $173 million and loans of
$143 million. Seacoast paid the equivalent
of $22 million for the two-branch Palm
Beach County institution.
In late January, Seacoast signed an
agreement to acquire Fourth Street Banking
Co., the holding company for Freedom
Bank of St. Petersburg, which had at
year’s end $308 million in deposits and
$265 million in loans. At the time of the
announcement, the deal was worth nearly
$64 billion. Seacoast shares went from
$23.39 when the deal was announced to
$17.81 by late March, down 24 percent.
The deal is to close late in the second
quarter of 2020.
The purchase of Freedom Bank will be
the 13th Seacoast acquisition of another
Florida community bank since 1995, and >>
772.221.4620 • 3135 S.E. Salerno Road • Stuart, FL 34997 • europeancarperformance.com
Conveniently Located Near the Corner of US#1 & Salerno Road
GREGORY ENNS
CenterState Bank has 11 locations in the area, including this branch in Vero Beach. CenterState plans to
merge with South State Bank in a deal scheduled to close in the third quarter. The new company will be
called South State and headquartered in Winter Haven.
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