Seacoast Banking of Florida, the holding company for Seacoast National Bank, acquired Apollo Bancshares, parent company of Drummond Community Bank, effective Oct. 7. The mergers of Apollo Bank and Drummond Community Bank into Seacoast National Bank took effect Oct. 7, 2022, with Seacoast National Bank as the surviving financial institution.
Under the terms of the merger agreement, Apollo shareholders received 1.006529 shares of Seacoast common stock for each share of Apollo common stock held immediately prior to the merger and Apollo option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 1.006529 exchange ratio. The minority interest holders in Apollo Bank received 1.195651 shares of Seacoast common stock for each share of Apollo Bank common stock. The resulting aggregate merger consideration paid by Seacoast was approximately $146 million.
Under the terms of the merger agreement, Drummond shareholders received 51.9561 shares of Seacoast common stock for each share of Drummond common stock held immediately prior to the merger. The resulting aggregate merger consideration paid by Seacoast was approximately $158 million.
Apollo Bank, headquartered in Miami, had deposits of approximately $930 million and loans of approximately $736 million as of June 30, 2022. Drummond Bank, headquartered in Chiefland, FL had deposits of about $919 million and loans of about $571 million as of June 30, 2022.
“We are excited to welcome Apollo and Drummond’s customers and employees to Seacoast. Apollo Bank is a customer-focused franchise with an outstanding reputation for service excellence and deep customer relationships in this important market. We see a great opportunity to grow our presence and expand our position in south Florida by complementing Apollo’s strengths with Seacoast’s innovation and breadth of offerings,” Charles M. Shaffer, chairman and CEO of Seacoast, said. “Drummond Community Bank has demonstrated a deep commitment to the North Florida communities it has been serving for the last 32 years. The combined franchise will continue to provide exceptional service with expanded products and services for this dynamic market.”
Piper Sandler & Co. served as financial advisor and Alston & Bird LLP served as legal counsel to Seacoast on both transactions. Keefe, Bruyette & Woods served as financial advisor and Fenimore, Kay, Harrison & Ford, LLP served as legal counsel to Apollo and Apollo Bank. Hovde Group served as financial advisor and Smith Mackinnon, PA served as legal counsel to Drummond.