Another area community bank is sold

Stuart-based Seacoast National Bank, already one of the largest community banks in Florida, is about to get bigger, in assets and geography: The bank has acquired Tampa-based GulfShore Bank, a $332 million asset institution with two branches in Tampa and one in St. Petersburg.

Seacoast's holding company, Seacoast Banking Corp. of Florida, will pay a total of $54.8 million for GulfShore's holding company, GulfShore Bancshares, according to a statement. The deal is a stock-cash split: GulfShore common shareholders will receive a combination of 0.4807 shares of Seacoast common stock and $1.47 in cash for each share they own, representing a mix of 85% Seacoast common shares and 15% cash, the release adds. The deal values GulfShore's shares at $9.80 per share. The transaction price represents a 1.46x multiple to GulfShore's tangible book value per share as of Sept. 30,

The deal marks Seacoast's expansion into the Tampa-St. Petersburg market. The bank has a large presence in the Orlando area market, the largest share of the Port St. Lucie market and is growing rapidly in the West Palm Beach area. The GulfShore deal, pending closing, will push Seacoast's total assets to approximately $4.8 billion.