Seacoast Banking Corp. of Florida, based in Stuart and the holding company of Seacoast National Bank, recently finalized the acquisition of 14 Orlando branches of BMO Harris Bank NA, totaling approximately $314 million in deposits.
The transaction also carries loans totaling approximately $64 million. Seacoast executives expressed satisfaction at the arrangement.
"We are delighted to welcome BMO's more than 8,000 households to Seacoast Bank," Dennis Hudson, Seacoast’s chairman and CEO, said. "Seacoast opened its first branches in the Orlando area in 2005. We continued our expansion in 2014 through the acquisition of Winter Park-based BankFirst and the acquisition of Lake Mary-based Floridian Financial Group, Inc. earlier this year.”
Seacoast Bank had approximately $4 billion in assets and $3.2 billion in deposits as of the end of the first quarter of 2016. The firm offers commercial and retail banking, wealth management and mortgage services. Its 53 branches span the state from Ft. Lauderdale, Boca Raton and West Palm Beach to the Daytona Beach area; Orlando and Central Florida, and west to Okeechobee and surrounding areas.
“The acquisition of BMO's offices solidifies our position in the attractive Orlando market, making Seacoast Bank a top-10 Orlando bank and the largest Florida-based bank in that market," Hudson said.
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