STUART, Fla., Oct. 7, 2022 (GLOBE NEWSWIRE) — Seacoast Banking Corporation of Florida SBCF (“Seacoast” or the “Company”), the holding company of Seacoast National Bank, announced today the completion of its acquisitions of Apollo Bancshares, Inc. (“Apollo”), the parent company of Apollo Bank and Drummond Banking Company (“Drummond” ), parent company of Drummond Community Bank effective October 7, 2022. The mergers of Apollo Bank and Drummond Community Bank with and into Seacoast National Bank also became effective October 7, 2022, with Seacoast National Bank as the surviving financial institution is.
Under the terms of the merger agreement, Apollo shareholders received 1.006529 Seacoast common shares for each Apollo common share held immediately prior to the merger, and Apollo option holders received options to purchase Seacoast common shares at the number of shares underlying the option and the applicable exercise price adjusted using the same exchange ratio of 1.006529. Minority shareholders in Apollo Bank received 1.195651 Seacoast common shares for each share of Apollo Bank common stock. The resulting total merger consideration paid by Seacoast was approximately $146 million.
Under the terms of the merger agreement, Drummond stockholders received 51.9561 Seacoast common shares for each Drummond common share held immediately prior to the merger. The resulting total consideration paid by Seacoast for the merger was approximately US$158 million.
Headquartered in Miami, FL, Apollo Bank had approximately $930 million in deposits and approximately $736 million in loans as of June 30, 2022. Headquartered in Chiefland, FL, Drummond Bank had about $919 million in deposits and about $571 million in loans as of June 30th, 2022.
“We are delighted to welcome Apollo and Drummond’s customers and employees to Seacoast. Apollo Bank is a customer-centric franchise with an excellent reputation for service…
