Seacoast Banking acquires Apollo Bank and Drummond Community Bank
Seacoast Banking Corporation of Florida has completed the $304 million acquisition of the parent companies of Apollo Bank and Drummond Community Bank.
The transaction, which is effective from 7 October 2022, includes the acquisition of the banks’ respective parent companies Apollo Bancshares and Drummond Banking Company.
Apollo Bancshares’ shareholders were given 1.006529 shares of Seacoast Banking Corporation common stock for each share of the former’s common stock under the terms of the merger. On the other hand, Drummond Banking Company’s shareholders obtained 51.9561 shares of Seacoast Banking Corporation’s common stock for each share of the former’s common stock.
The merger considered paid by Seacoast Banking Corporation for Apollo Bank and Drummond Community Bank is approximately $146 million and $158 million, respectively.
Charles M. Shaffer — Seacoast Banking Corporation Chairman and CEO said: “We are excited to welcome Apollo and Drummond’s customers and employees to Seacoast. Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market.
“We see a great opportunity to grow our presence and expand our position in South Florida by complementing Apollo’s strengths with Seacoast’s innovation and breadth of offerings.”
Headquartered in Miami, Florida, Apollo Bank held deposits worth approximately $930 million and loans of approximately $736 million, as of 30 June 2022.
As of the same date, Chiefland-headquartered Drummond Bank held deposits of approximately $919 million and loans of approximately $571 million.
Charles M. Shaffer added: “Drummond Community Bank has demonstrated a deep commitment to the North Florida communities it has been serving for the last 32 years. The combined franchise will continue to provide exceptional service with expanded products and services for this dynamic market.”
For both transactions, Piper Sandler & Co. acted as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast Banking Corporation.