Aug. 17, 2011
/PRNewswire/ -- Seacoast Banking Corporation of
(NASDAQ-NMS: SBCF), a bank holding company whose principal subsidiary is Seacoast National Bank, announced that it is current on all of its dividend and interest payment obligations for the Series A Preferred Stock that was issued to the US Department of Treasury (Treasury) under the TARP - Capital Purchase Program. Additionally, Seacoast has notified the trustees for its outstanding trust preferred securities that Seacoast will make all accrued and unpaid interest payments to investors, effective as of
Seacoast released the following statement today by
Dennis S. Hudson, III
, Chairman and Chief Executive Officer:
"Today represents a satisfying day for Seacoast and validates our recent progress. This important milestone confirms that our efforts to reduce problem assets and return to profitability have been successful. Over the past several years, we have faced remarkable challenges. As the recession took its toll in one of the hardest hit regions of the country, our bank felt the immense impact of plummeting home valuations, widespread default and frozen credit markets. Recognizing the magnitude of the problems early on, our board and management team developed a comprehensive, forward-looking strategy to strengthen the bank and support our customers and employees through the downturn.
A TARP investment from the Treasury at the end of 2008 – an important vote of confidence – represented an essential component of our strategy, enabling the bank to efficiently fortify its capital strength at an attractive cost and permitted the later successful public/private capital raise. As a result of Seacoast's strengthened capital position, it was able to absorb significant losses that were necessary to resolve or liquidate problem loans. Throughout this difficult operating environment, we have taken prudent steps to strengthen the bank.