Holland & Knight, Alston & Bird Advise on Bank Sale
Seacoast National Bank purchased Palm Beach Community Bank for about $71.6 million in cash and stock.
November 14, 2017 at 07:09 PM
11 minute read
(L to R) Bradley Houser and William Sherman
Holland & Knight and Alston & Bird advised on the sale of Palm Beach Community Bank to Seacoast Banking Corp.
Holland & Knight represented Palm Beach Community Bank, and Alston & Bird represented Seacoast and its wholly owned subsidiary, Seacoast National Bank, which purchased Palm Beach Community Bank for about $71.6 million in cash and stock.
Each share of Palm Beach Community Bank common stock was converted into the right to receive 0.924 of a share of Seacoast common stock and $6.26 in cash—a total value of $28.57 per share of Palm Beach Community Bank common stock.
Palm Beach Community Bank, which maintains four branches in Palm Beach County and was organized in 2008, had about $320 million in assets, $265 million in deposits and $270 million in loans, according to Seacoast.
Palm Beach Community Bank was represented by Holland & Knight partners Bradley Houser in Miami and Bill Sherman in Fort Lauderdale, along with associates Gabriela Botifoll in Miami and Kevin Hall in Fort Lauderdale.
Seacoast's counsel consisted of Alston & Bird partner Randolph Moore III, senior attorney Sarah McElroy and associate John Gerl—all based out of Atlanta.
(L to R) Bradley Houser and William Sherman
Each share of Palm Beach
Palm Beach
Palm Beach
Seacoast's counsel consisted of
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