Locally owned bank acquired for $63.6M

Seacoast Bank continues push into Tampa Bay market with takeover of St. Petersburg-based Freedom Bank.

By Business Observer Staff
| 9:18 a.m. January 24, 2020
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File. Cathy Swanson presided over Freedom Bank as CEO. She will remain with Seacoast Bank as Pinellas County market president.

Tampa Bay-Lakeland

ST. PETERSBURG — Stuart-based Seacoast Bank has acquired Freedom Bank, a locally owned bank headquartered in St. Petersburg, for $63.6 million. The deal represents Seacoast’s third acquisition in the Tampa-St. Petersburg metropolitan statistical area (MSA) in the past three years.

Founded in 2005, Freedom Bank has $276 million in deposits and $249 million in loans, according to a press release. It reported $11.8 million in gross revenue in 2018, up from $8.9 million in 2017.