Sarasota bank sale, a $54 million deal, closes

SARASOTA — Seacoast Banking Corp. of Florida has completed the purchase of Sarasota-based Sabal Palm Bancorp Inc. — parent company of Sabal Palm Bank — and Melbourne-based Business Bank of Florida — the parent of Florida Business Bank.

The acquisitions, announced in August, were completed Jan. 3 and the three banks have merged, which leaves Stuart-based Seacoast National Bank as the surviving financial institution, according to a press release.  Seacoast did not say what changes customers will see, though an FAQ on the both banks' website says the merger “will greatly benefit our customers and associates.”