M&A Deal Summary

Seacoast Bank Acquires Legacy Bank Of Florida

On March 23, 2021, Seacoast Bank acquired financial services company Legacy Bank Of Florida from Terrapin Partners for 102M USD

Acquisition Highlights
  • This is Seacoast Bank’s 8th transaction in the Financial Services sector.
  • This is Seacoast Bank’s 3rd largest (disclosed) transaction.
  • This is Seacoast Bank’s 10th transaction in the United States.
  • This is Seacoast Bank’s 9th transaction in Florida.

M&A Deal Summary
Date 2021-03-23
Target Legacy Bank Of Florida
Sector Financial Services
Buyer(s) Seacoast Bank
Sellers(s) Terrapin Partners
Deal Type Add-on Acquisition
Deal Value 102M USD
Advisor(s) Hovde Group LLC (Financial)
Fenimore, Kay, Harrison & Ford (Legal)

Target

Legacy Bank Of Florida

Boca Raton, Florida, United States
Legacy Bank Of Florida is a community bank servicing Florida's Broward and Palm Beach Counties. Legacy specializes in commercial credit and deposit products, with a full line of retail and corporate cash management offerings and a focus on commercial and industrial real estate lending. Legacy Bank Of Florida was established in 2006 and is based in Boca Raton, Florida.

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Buyer(S) 1

Buyer

Seacoast Bank

Stuart, Florida, United States
Category Company
Founded 1926
Sector Financial Services
Employees1,445
Revenue 567M USD (2023)
DESCRIPTION

Seacoast Bank is a provider of financial services including commercial and retail banking, wealth management, and mortgage services to customers through 34 traditional branches of its locally-branded wholly-owned subsidiary bank, Seacoast National Bank, and five Accelerate offices fueled by the power of Seacoast National Bank. Seacoast Bank was founded in 1926 and is based in Stuart, Florida.

DEAL STATS #
Overall 10 of 15
Sector (Financial Services) 8 of 13
Type (Add-on Acquisition) 8 of 13
State (Florida) 9 of 14
Country (United States) 10 of 15
Year (2021) 1 of 3
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-11-19 First Bank of the Palm Beaches

West Palm Beach, Florida, United States

First Bank of the Palm Beaches specializes in building personal relationships while maintaining state of the art online banking and technology. First Bank of the Palm Beaches bankers understand loans in Palm Beach County and will help you with anything from a home mortgage to a business line of credit. From banking online with bill pay to loans, let First Bank of the Palm Beaches show you the community bank difference.

Buy $33M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-23 Sabal Palm Bank

Sarasota, Florida, United States

Sabal Palm Bank is a locally owned and operated community bank that operates three branches across the Sarasota market with deposits of approximately $377 million and loans of $272 million. Sabal Palm Bank was founded in 2006 is based in Sarasota, Florida.

Buy $54M

Seller(S) 1

SELLER

Terrapin Partners

Miami, Florida, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1998
PE ASSETS 300M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Terrapin Partners LLC is an asset management and private equity firm. Terrapin's private equity group targets opportunities in technology, healthcare, basic Industry/services, energy, retail, food/hospitality, media (but not original content), and real estate. Terrapin prefers US based opportunities and will consider both control and minority positions. In addition to providing later stage capital, Terrapin also considers early-stage/venture investments. Terrapin Partners was formed in 1998 and is based in New York City.

DEAL STATS #
Overall 1 of 1
Sector (Financial Services) 1 of 1
Type (Add-on Acquisition) 1 of 1
State (Florida) 1 of 1
Country (United States) 1 of 1
Year (2021) 1 of 1
Size (of disclosed) 1 of 1
Mergr

Product

Company

Legal