Seacoast Banking Corporation of Florida, a bank holding company whose principal subsidiary is Seacoast Bank, has purchased certain assets, factored receivables, and employee expertise of First Growth Capital (FGC), the commercial accounts receivable funding and small asset based facility group, a division of FCC.

The transaction expands Seacoast’s current receivables funding capabilities, providing its business customers additional options to improve their working capital and cash flow positions. FGC currently provides invoice financing and small asset based facilities to companies with annual business-to-business domestic sales between $2 million and $250 million.

“When a company needs cash to operate and grow, a slow invoice turnaround can tie up valuable working cash needed to invest back in to one’s business. We’re constantly exploring new ways to help our customers simplify the financial aspects of their businesses so they can focus on growth,” said Seacoast EVP and commercial market executive, Charles K. Cross Jr. “Whether a loan or an accounts receivable funding arrangement helps them meet their goals, we want our customers to feel in control and confident about their company’s future. The lift-out of First Growth Capital and its entire team enables us to build upon our full suite of financing options for our business customers.”

As part of the acquisition, Jay Atkins, former executive vice president and President of First Growth Capital, joins Seacoast Bank as executive vice president and president of the new division, which is named Seacoast Business Funding.

A leader in the industry, Atkins is a nationally recognized speaker and trainer for International Factoring Association (IFA), where he has consistently been rated an A+ lecturer and presenter by students and attendees.